In today’s day and age, it’s not unusual for outgoing (or deposed) CEOs, presidents, and other high-ranking executives to get a severance package called a “golden parachute” that is usually flush with cash, perks, and other benefits that make John and Jane Q. Public, simply sit back and say, “Whoa.”Outgoing EA CEO John Riccitiello
is no different. TrueAchievements has managed to obtain the details of Riccitiello’s golden parachute.
In addition to some (quasi-worthless) stock options, Riccitiello is also going to get quarterly payments of $250,000 for the next ten years, full employee health benefits, and vesting interest in his 401k. The most interesting details of the settlement comes in subsection 4a under the “Quarterly Payments” article:
The departing party (Ed. Note: Riccitiello) or parties acting on behalf of the party, will be required to enter a sixteen digit alpha-numeric code into the EA financial site (http://projecttenmillion.fund
) to receive these quarterly payments. In the event that the party or parties acting on behalf of the party, lose said code or wish to transfer funds to another party, they will need to contact EA financial support and pay a nominal fee of ten-thousand dollars ($10,000) to receive a new code. Codes not activated within thirty (30) days will be considered null and void.
Furthermore, sources close to the executive board of EA (and interim CEO Larry Probst) have given us the lead on the next CEO of EA, Ethan Turner, an 8th grader from Dubuque, Iowa.
We managed to contact Turner who took time between classes at Corn Field Junior High to respond via e-mail with a comment.
Thanx for messaging me. My goals for EA are to make really awesome Call of Duty-style games every year, make more Madden games, like two a year, and come up with a really bitchin’ Star Wars game. I want us to get some really sweet studios and have them make us new games every year. It's gonna kick ass.
We’ll be sure to keep you updated as more details on EA’s succession of power come to light.