Electronic Arts Announces Change in Executive Leadership

Mon Mar 18, 2013 4:01pm EDT

* Reuters is not responsible for the content in this press release.


Larry Probst Appointed Executive Chairman, Effective Immediately

Company Updates 2013 Fiscal Outlook
REDWOOD CITY, Calif.--(Business Wire)--
Electronic Arts Inc. (NASDAQ: EA) today announced that John Riccitiello will
step down as Chief Executive Officer and as a member of the Board of Directors,
effective March 30. The Board has appointed Larry Probst as Executive Chairman
to ensure a smooth transition and to lead EA`s executive team while the Board
conducts a search for a permanent CEO. The Board will consider internal and
external candidates with the assistance of a leading executive search firm. 

Mr. Probst has played a leadership role at EA since 1991. In addition to serving
as Chairman of the Board since 1994, he previously served as the Company`s CEO
from 1991 to 2007. As CEO, Probst successfully grew the Company`s annual
revenues from $175 million to approximately $3 billion, led EA into new
platforms such as mobile, online and other emerging markets and expanded its
international presence to more than 75 countries. 

"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," said Mr. Probst. "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." 

On behalf of the Board, Lead Director Richard A. Simonson stated, "As we begin
the CEO search, we are fortunate that Larry, who has a proven track record with
our employees, partners and customers, has agreed to assume a day-to-day
leadership role as Executive Chairman. He has 16 years of experience as CEO of
EA and a deep understanding of the Company`s strategy, management team, business
potential and industry trends." 

Mr. Riccitiello stated, "EA is an outstanding company with creative and talented
employees, and it has been an honor to serve as the Company`s CEO. I am proud of
what we have accomplished together, and after six years I feel it is the right
time for me pass the baton and let new leadership take the Company into its next
phase of innovation and growth. I remain very optimistic about EA`s future -
there is a world class team driving the Company`s transition to the next
generation of game consoles." 

Business Outlook

EA expects that its revenues and earnings per share for the current quarter will
be at the low end of, or slightly below previously issued guidance provided in
its press release dated January 30, 2013. Actual results may be materially
different and can be affected by many factors, including the levels of usage of
the Company`s digital products, initial sales of new products that will be
released before the end of the quarter and other factors detailed in the
Company`s annual and quarterly SEC filings. 

EA will announce its fourth quarter and fiscal year 2013 results on May 7, 2013
and will host a conference call at 2:00 pm PT (5:00 pm ET) to discuss the

Forward-Looking Statements

Some statements set forth in this release, including the information relating to
EA's fourth quarter fiscal year 2013 expectations under the heading "Business
Outlook", contain forward-looking statements that are subject to change.
Statements including words such as "anticipate", "believe", "estimate" or
"expect" and statements in the future tense are forward-looking statements.
These forward-looking statements are preliminary estimates and expectations
based on current information and are subject to business and economic risks and
uncertainties that could cause actual events or actual future results to differ
materially from the expectations set forth in the forward-looking statements. 

Some of the factors which could cause the Company's results to differ materially
from its expectations include the following: sales of the Company's titles; the
Company's ability to manage expenses; the competition in the interactive
entertainment industry; the effectiveness of the Company's sales and marketing
programs; timely development and release of Electronic Arts' products; the
Company's ability to realize the anticipated benefits of acquisitions, including
the PopCap acquisition; the consumer demand for, and the availability of an
adequate supply of console hardware units; the Company's ability to predict
consumer preferences among competing platforms; the Company's ability to service
and support digital product offerings, including managing online security;
general economic conditions; and other factors described in the Company's
Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2012. 

Electronic Arts assumes no obligation and does not intend to update these
forward-looking statements. In addition, the preliminary financial results set
forth in this release are estimates based on information currently available to
Electronic Arts. 

While Electronic Arts believes these estimates are meaningful, they could differ
from the actual amounts that Electronic Arts ultimately reports in its Annual
Report on Form 10-K for the fiscal year ending March 31, 2013. Electronic Arts
assumes no obligation and does not intend to update these estimates prior to
reporting its actual financial results for the fiscal year. 

About Electronic Arts

Electronic Arts (NASDAQ:EA) is a global leader in digital interactive
entertainment. The Company's game franchises are offered as both packaged goods
products and online services delivered through Internet-connected consoles,
personal computers, mobile phones and tablets. EA has more than 250 million
registered players and operates in 75 countries. Headquartered in Redwood City,
California, EA is recognized for critically acclaimed, high-quality blockbuster
franchises such as The Sims, Madden NFL, FIFA Soccer, Need for Speed,
Battlefield, and Mass Effect. More information about EA is available at

Ron Low or John Christiansen

Copyright Business Wire 2013

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