A major shift at Electronic Arts, which needs to match its size with direction — and the second departure from Elevation Partners this week. After a three-year absence, John Riccitiello returns to Electronic Arts as CEO and a member of the board of directors effective April 1; current CEO Larry Probst remains as executive chairman of the board. From 1997-2004, Riccitiello was president and COO. He then co-founded PE fund Elevation Partners, where he was managing partner. He’s also on the board of Hyperion Solutions, Forbes Media LLC, and is the chairman/CEO of VG Holding Corp. Elevation issued a statement congratulating him on the move. EA release.
Bider Moves To ITU: Music-publishing vet Leslie Bider has left his post as “executive in residence” at Elevation Partners after nine months to become “chief strategist” at ITU Ventures, an LA VC firm that funds new technology companies, the WSJ reported. Before joining Elevation, where his partners included U2’s Bono, Bider, 56, was chairman and CEO of WMG’s publishing arm Warner/Chappell Music. ITU has $150 million under management. ITU, which has $150 million under management, has no plans to go in the music business, Bider told the Journal; he said his role will involve easing relations with the media companies from which ITU-funded startups need to license content.
Update: NYT: “Mr. Probst, 57, said the succession plan had been in the works for many months and that he wanted to hand over the reins while the company was in good health, having weathered the transition to a new generation of game consoles. But the state of the company