The CEO of mobile and console games maker Electronic Arts, John Riccitiello (pictured), is to step down on 30 March. Former CEO Larry Probst has been appointed as executive chairman to lead the search for Riccitiello’s successor.

During Riccitiello’s tenure as CEO, which started in 2007, the games industry has moved from selling expensive console games to one in which smartphones and tablet computers dominate.

In an internal memo seen by the Wall Street Journal, Riccitiello said he is stepping down due to EA’s poor financial performance this quarter. The company is likely to report at the low end or slightly below its financial guidance, for which Riccitiello said he was “100 per cent accountable”.

However, Riccitiello noted that the company is number one in the fast-growing segment of mobile with games such as The Simpsons: Tapped Out, Real Racing 3, Bejeweled, SCRABBLE and Plants v. Zombies.

“John has worked hard to lead the Company through challenging transitions in our industry, and was instrumental in driving our very significant growth in digital revenues,” Probst said in a statement.