Larry Probst has been appointed as Executive Chairman in his place while the Board searches for a permanent CEO.
Riccitiello first began working for EA in October 1997 and served as both president and COO until 2004. He then returned in 2007 as the company's CEO.
Riccitiello will step down as CEO and member of Board of Directors March 30.
EA announced it expects its revenues will be at the "low end" of the guidance from its January 30 release when fourth quarter results are announced May 7.
The news comes after the launch of the company's latest installment of SimCity. EA today revealed the game sold 1.1 million copies in its first two weeks despite server issues during the game's launch.
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