The lights are on
The road has been rocky for EA over the past few weeks, with the troublesome issues surrounding the launch of the highly anticipated SimCity and, more recently, the departure of six-year CEO John Riccitiello. Stock prices, which had been slowly on the rise since the start of 2013 took an 8% dive on the joint announcement of the change in leadership and disappointing financial guidance.
The publisher has submitted an SEC filing revealing interim executive chairman Larry Probst’s compensation to be set at $1.03 million annually. Additionally, Probst is eligible for a one-time discretionary bonus to be determined by the board of directors upon conclusion of his service in the role. Riccitiello’s resignation came after five years of significant declines in shareholder value. He departed EA with 24 months of salary, 18 months of COBRA health insurance reimbursement, and continued stock and option vesting into 2014. According to the Wall Street Journal, the total package is worth $ 4.7 million.