Unity CEO John Riccitiello Retires, James Whitehurst Appointed
Unity executive John Riccitiello has announced his retirement and will step down as the chief executive officer of the game development platform company. After nearly a decade of leadership, Riccitiello expressed his gratitude towards the employees, customers, developers, and partners who have contributed to the company's growth.
Following this transition, James Whitehurst has been appointed as the Interim CEO. Whitehurst brings valuable experience to the role, having previously served as the CEO of RedHat prior to its acquisition by IBM. The leadership change is effective immediately.
Upon the announcement, shares of Unity (ticker: U) saw a 4.3% increase in premarket trading on Tuesday, reaching $30.99.
Riccitiello joined Unity in 2014 when it was still a private company, following his tenure as the CEO of videogame publisher Electronic Arts (EA) from 2007 to 2013. While at EA, Riccitiello oversaw multiple unsuccessful acquisitions, resulting in a decline of over 60% in EA's stock during his time as CEO.
Riccitiello's departure aligns with a challenging period for Unity. In September, the company faced backlash from customers due to a controversial price hike plan. As a result, Unity was compelled to apologize and make adjustments to the plan. Over the past three months, Unity's shares have declined by 27%.
Unity's board of directors has announced that they will initiate a search process with an executive search firm to find a permanent CEO. The company has reaffirmed its previously disclosed third quarter 2023 guidance and intends to report its results on November 9.
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