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Submitted by lifesanrpg 676d ago | news

Needham & Company: 'Riccitiello's departure underscores difficult transition to new platforms'

GameZone writes, "Transitioning from current to next-gen consoles will prove more difficult than many of us thought. The latest casualty was Electronic Arts' John Riccitiello who, just yesterday, stepped down as CEO of the company. In his farewell letter, detailing why he left the company, he confirmed EA will fall short of the internal operating plan set last year and will come in at "the low end" of the financial guidance issued to the Street. The information has caused Needham & Company, a nationally recognized investment banking and asset management firm, to downgrade EA from Buy to Hold." (EA, Industry, John Riccitiello)

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