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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Olympic Stadium gets World Cup games

Category : Business, World News

The Olympic Stadium will host five games at the 2015 Rugby World Cup which will be held in England and Wales.

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Apple proves lower tax rate won’t matter

Category : Business

A lower corporate tax rate won’t deter companies from playing tax and accounting games. Just look at Apple’s math.

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Nintendo profits revived by weak yen

Category : World News

Games maker Nintendo has been helped back into profit by a weaker yen, but sales continue to struggle

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Web games get fair trading scrutiny

Category : World News

Web and phone games aimed at children that charge for extras are being investigated by the Office of Fair Trading.

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Electronic Arts CEO John Riccitiello resigns

Category : Business

Exec takes blame for “shortcomings” in EA’s financial results. Previous CEO Larry Probst takes temporary charge. Current COO Peter Moore mooted as possible replacement

Video game giant Electronic Arts has announced that CEO John Riccitiello is to resign from the company. In a letter to chairman of the board Larry Probst, Riccitiello conceded that forthcoming quarterly results are likely to fall short of expectations and that he is, “100 percent accountable”. The industry veteran will step down on 30 March with Probst appointed as executive chairman until a permanent replacement is found.

After taking over as CEO in February 2007, Riccitiello has overseen a turbulent period in the history of EA. Stock value plunged amid the global financial meltdown of 2008, and has never recovered to the 2005 peak when shares were worth $70 each. Like most publishers in this sector EA has suffered due to a decline in retail software sales but has fought to improve its digital business, investing in social gaming companies such as Playfish and Popcap and extending its reach into Facebook and smartphone titles.

“The progress EA has made on transitioning to digital games and services is something I’m extremely proud of,” wrote Riccitiello in his resignation letter. “However, it currently looks like we will come in at the low end of, or slightly below, the financial guidance we issued in January, and we have fallen short of the internal operating plan we set one year ago. EA’s shareholders and employees expect better and I am accountable for the miss.”

In a statement issued today, Probst praised Riccitiello, but accepted the resignation: “We thank John for his contributions to EA since he was appointed CEO in 2007, especially the passion, dedication, and energy he brought to the company every single day. John has worked hard to lead the company through challenging transitions in our industry, and was instrumental in driving our very significant growth in digital revenues. We appreciate John’s leadership and the many important strategic initiatives he has driven for the company. We have mutually agreed that this is the right time for a leadership transition.”

Electronic Arts remains one of the major video game publishers, with titles like Battlefield, Fifa and Need For Speed, producing profitable annual iterations. However, the company has seen a series of public relations hiccups over the last year, many over charges for downloadable content on titles such as Mass Effect 3, as well as problems with its Origin game download service. Most recently, the release of the latest SimCity simulation has been marred by server failures and the instigation of an “always online” system which ensures purchasers cannot play the game if they don’t have a web connection.

Industry pundits are already touting current EA COO Peter Moore as a possible candidate for the vacant job. The Liverpool-born exec has been at EA since 2007 having served eventful stints at Microsoft and Sega.

More jobs in UK video games industry

Category : Business

The number of people working in the video games industry has grown for the first time in three years, claims report

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Volunteers set new Games record

Category : Business, World News

A new record is set by the number of people offering to be volunteers at the 2014 Commonwealth Games in Glasgow.

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London offers Rio top transport tips

Category : World News

Rio receives London’s top tips on how to run a smooth transport system for when it hosts the 2016 Olympic and Paralympic Games.

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VIDEO: Has the games console had its day?

Category : World News

With the rise of smart phones and tablet computers, are the days of the games console coming to an end?

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Sony announces PlayStation 4 console

Category : Business

Sony announces the fourth generation of its PlayStation games console featuring a new controller and a “supercharged” processor.

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