Electronic Arts names new CEO

Electronic Arts Inc. on Monday named former President John Riccitiello to succeed Chief Executive Larry Probst.

EA said Riccitiello would take over April 2. The world’s largest video game publisher, EA is known for such series as the “Madden” football franchise and “The Sims.”

Probst -- widely criticized for allowing EA to rely largely on sequels to hits instead of encouraging innovative new games -- has been seeking to step down for some time. He will remain executive chairman of EA’s board of directors.

Riccitiello joined Redwood City, Calif.-based EA in October 1997, rising to president and chief operating officer before quitting in April 2004. He left to become a co-founder and managing partner of private equity group Elevation Partners.

EA shares closed at $51.96, down $1.23.