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John Riccitiello Resigns From Electronic Arts

The company is beginning a search for a new CEO inside or outside the company.

EA CEO John Riccitiello submitted his resignation, effective March 30, the video game company announced Monday. In a blog post on the company's website, executive chairman Larry Probst said the Board of Directors will immediately begin a search inside and outside the company for Riccitiello's successor.

"In a letter to the Board, John outlined that while the company has made enormous progress in improving product quality and transitioning to digital games and services, our financial performance is tracking below the expectations set at the beginning of our fiscal year. This was disclosed in our last earnings call," Probst noted.

Riccitiello joined the company in 1997 as the COO.

[Image: Flickr user Fortune Live Media]

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