Science & Technology
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Published in Science and Technology on Tuesday, May 31st 2011 at 13:20 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
REDWOOD CITY, Calif.--([ BUSINESS WIRE ])--Electronic Arts Inc. (NASDAQ: ERTS) and Relational Investors LLC, a major EA shareholder, today announced a mutual cooperation agreement giving Relational an option to appoint its Principal and Co-Founder, Ralph Whitworth, to EAa™s Board of Directors.
"Electronic Arts and Relational have engaged in a series of discussions about EAa™s significant progress in improving its business and its prospects for continued growth and improvement"
aElectronic Arts and Relational have engaged in a series of discussions about EAa™s significant progress in improving its business and its prospects for continued growth and improvement,a said John Riccitiello, Chief Executive Officer of Electronic Arts. aThis agreement signals Relationala™s confidence as we transform EA from a packaged goods company to a fully integrated digital entertainment company.a
aEAa™s performance over the last several months and the rapid growth of its digital business demonstrate the fundamental strength of its business franchise and managementa™s ability to extend the Companya™s industry leadership,a said Ralph Whitworth, Principal and Co-Founder of Relational. aWe are pleased to be closely engaged with EAa™s management team and we are confident in the Companya™s growth potential.a
The mutual cooperation agreement provides Relational with an option to appoint Ralph Whitworth to the Electronic Arts Board of Directors, and its Executive Compensation and Leadership Committee, at Relationala™s request between September 15, 2011 and May 1, 2012. Should Mr. Whitworth join the Companya™s Board, Electronic Arts agrees to re-nominate him at the Companya™s 2012 Annual Meeting of Shareholders for a customary one-year term.
Relational, a $6.4 billion private investment fund, began investing in Electronic Arts shares in early 2011 and, as of the quarter ending March 31st, owned approximately 1.5% of Electronic Artsa™ common stock. The agreement is detailed in an exhibit to the Form 8-K that the Company filed today with the Securities and Exchange Commission.
About Electronic Arts
Electronic Arts (NASDAQ:ERTS) is a global leader in digital interactive entertainment. The Companya™s game franchises are offered as both packaged goods products and online services delivered through Internet-connected consoles, personal computers, mobile phones and tablets. EA has more than 100 million registered players and operates in 75 countries. In fiscal 2011, EA posted GAAP net revenue of $3.6 billion. Headquartered in Redwood City, California, EA is recognized for critically acclaimed, high-quality blockbuster franchises such as The Simsa", Madden NFL, FIFA Soccer, Need for Speed, Battlefield, and Mass Effect. More information about EA is available at [ http://info.ea.com ].
