At market close yesterday, EA's stock value was , after news that the executive would leave effective March 30.

The market opens today at 9:30 a.m. EDT.

Riccitiello explained in his resignation letter that EA has "fallen short" of the internal operating plan set one year ago. "EA's shareholders and employees expect better and I am accountable for the miss," he said.

As part of Riccitiello's separation agreement with EA, he will continue to draw a salary for 24 months and maintain vesting of unvested options until Nov. 30, 2013, with those stock options exercisable until Feb. 28, 2014.

According to , Riccitiello's total exit package is valued at around $4.7 million, though this figure could balloon further if EA stock bounces back.

From: www.gamespot.com

"EA's controversial CEO John Riccitiello will step down as of March 30 as part of a mutual decision with the board of directors. We believe timing makes sense for a CEO transition at the end of the fiscal year, and ahead of next generation console launches and a strong [second half of 2013] title lineup (Battlefield and EA Sports)," Baird said.

Despite EA's financial challenges, which Riccitiello said were , Sebastian said EA has positioned itself to benefit from the upcoming console transition.

"We believe EA is well positioned for the console refresh cycle, and the company has made progress in building a digital platform and more recently controlling expenses," Sebastian said. "However, we note that inconsistent financial performance, some high profile title flops (e.g., Star Wars: The Old Republic) and employee turnover were issues that impacted the CEO's credibility."

Lastly, Sebastian suggested that current chief operating officer Peter Moore and EA Labels president Frank Gibeau are leading internal candidates to take over as CEO. The EA Board of Directors will also consider external candidates with the the help of a "leading executive search firm." In the meantime, longtime EA executive Larry Probst will lead EA.

From: www.gamespot.com

"EA's controversial CEO John Riccitiello will step down as of March 30 as part of a mutual decision with the board of directors. We believe timing makes sense for a CEO transition at the end of the fiscal year, and ahead of next generation console launches and a strong [second half of 2013] title lineup (Battlefield and EA Sports)," Baird said.

Despite EA's financial challenges, which Riccitiello said were , Sebastian said EA has positioned itself to benefit from the upcoming console transition.

"We believe EA is well positioned for the console refresh cycle, and the company has made progress in building a digital platform and more recently controlling expenses," Sebastian said. "However, we note that inconsistent financial performance, some high profile title flops (e.g., Star Wars: The Old Republic) and employee turnover were issues that impacted the CEO's credibility."

Lastly, Sebastian suggested that current chief operating officer Peter Moore and EA Labels president Frank Gibeau are leading internal candidates to take over as CEO. The EA Board of Directors will also consider external candidates with the the help of a "leading executive search firm." In the meantime, longtime EA executive Larry Probst will lead EA.

From: www.gamespot.com