Unity CEO John Riccitiello is retiring from gaming software company after controversial pricing change
Unity CEO John Riccitiello has announced his retirement from the game software company after nine successful years at the helm. The decision comes following a recent pricing change that caused frustration among developers. Riccitiello will not only step down as CEO but also as chairman and will be leaving the board altogether. However, he will continue to advise Unity during the transition period to ensure a smooth handover.
To fill the void left by Riccitiello, Unity has appointed James Whitehurst, the former CEO of Red Hat, as the interim CEO. Whitehurst brings a wealth of experience to the role and is expected to guide the company through this transitional phase. Additionally, Roelof Botha, the lead independent director of Unity’s Board and a partner at Sequoia Capital, will take over as the company’s chairman.
Unity, a leading provider of game development technology, has been a driving force in the industry for years. However, a recent pricing change caused some developers to voice their concerns. In response, Unity listened to the feedback, acknowledged the discontent, and made modifications to the update to address developers’ needs. The company expressed regret for any confusion caused and pledged to make changes to the policy.
Despite this recent challenge, Unity’s overall growth and success have been remarkable. The company went public in 2020 and achieved an impressive valuation of $17 billion after its first day of trading. While the stock experienced a decline alongside the broader tech industry in 2022, Unity’s market capitalization still stands at just over $11 billion.
Reflecting on his tenure, Riccitiello expressed gratitude for the opportunity to lead Unity and praised the employees, customers, developers, and partners who contributed to the company’s growth. He is confident in Unity’s future success and looks forward to supporting the company during the transition.
Investors have shown confidence in Unity’s ability to navigate this leadership change, with the company’s shares experiencing only a slight 1.5% dip at the market close on Monday. Unity remains a key player in the game software industry, and its commitment to listening to its community and making necessary adjustments demonstrates its dedication to providing the best possible solutions for developers.
As Unity begins the search for a permanent CEO, the company’s positive track record, innovative technology, and strong market position will undoubtedly attract top talent. With the guidance of interim CEO James Whitehurst and the continued support of John Riccitiello during the transition, Unity is poised for continued success in the ever-evolving world of game development.