Low share price leads to EA replacing chief executive

<p>EA is replacing John Riccitiello as chief executive.</p>

EA has revealed it is searching for a new chief executive after John Riccitiello stood down as a result of the videogame company's low share price.

Larry Probst, executive chairman at EA, will take over as chief executive on a temporary basis. He was chief executive prior to Mr Riccitiello's arrival six years ago.

Michael Pachter, video games analyst at Wedbush Securities, suggested Mr Riccitiello had begun to turn the firm around after a poor first three years at the help.

"It's unfortunate because I think he had got everything going in the right direction, but I think the board just got tired of the languishing share price," he told the Financial Times.

EA shares have lost 65 per cent of their value since February 2007, but have rebounded by 30 per cent since the start of 2013.

Its stocks were recorded at 15:30 GMT as standing at 17.17, not far from a 52-week high for the company.

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