Technology
Tuesday, October 10th, 2023 2:11 am EDT
Key Points
- Unity CEO John Riccitiello is retiring after nine years in the role, and he is also stepping down as chairman and leaving the company’s board. This decision follows a controversial pricing change that caused frustration among many developers.
- James Whitehurst, the former CEO of Red Hat, will take on the role of interim CEO at Unity, while Roelof Botha from Sequoia Capital will become the company’s chairman. Unity will initiate a search for a permanent CEO, and Riccitiello will assist in ensuring a smooth transition.
- In September, Unity introduced a pricing change that upset developers who rely on its technology to create video games. After facing backlash and protests from game developers, Unity eventually modified the pricing update in response to the discontent. Despite its initial success following its 2020 public offering, Unity’s market cap has declined to just over $11 billion amid a broader tech industry decline in 2022.
John Riccitiello, the CEO of Unity, a gaming software company, is retiring following a controversial pricing change that sparked frustration among numerous developers. Riccitiello, who has led Unity for nine years, is also stepping down as chairman and leaving the board. James Whitehurst, former CEO of Red Hat, will serve as Unity’s interim CEO, while Roelof Botha, the lead independent director of Unity’s Board from Sequoia Capital, will become the company’s chairman. Unity plans to search for a permanent CEO, and Riccitiello will continue to advise the company during the transition.
In September, Unity announced a pricing change that angered many developers who rely on its technology to create video games. This led to protests from a consortium of game developers who claimed the change jeopardized developers of all sizes and lacked industry consultation. Unity later modified its update to address developer concerns after acknowledging the discontent and apologizing for the confusion it caused.
Unity went public in 2020 and initially had a market valuation of $17 billion. However, its market cap has since declined to just over $11 billion due to a broader tech industry decline in 2022. Despite the challenges, Riccitiello expressed gratitude for leading Unity and supporting its growth, promising to continue supporting the company through its transition and future success. Unity’s shares fell 1.5% to $29.70 at the close of the market on Monday.
For full original article on CNBC, please click here: https://www.cnbc.com/2023/10/09/unity-ceo-john-riccitiello-is-retiring-from-gaming-software-company-.html
