EA CEO buys $1M of EA stock as exec exits

On Monday, EA once again extended the deadline for its tender offer for Take-Two shareholders to June 16. The extension came after Electronic Arts secured a $1 billion loan commitment toward costs associated with buying the Rockstar parent.

On Tuesday, financial magazine Barrons has revealed Electronic Arts CEO John Riccitiello invested in just under $1 million of company shares. The executive bought $967,000--or 20,000 shares--at a per-share average of $48.37.

It is the second time Riccitiello has invested in EA stock since taking on the role of company head honcho--it is now believed that his assets include 47,294 shares and 75,000 exercisable options.

An EA spokesperson commented that, "John believes that senior executives should be invested in the company."

On Wednesday, EA director Timothy Mott announced that he would be retiring from his role at the company, reports British trade site MCV. He will officially leave after the Annual Shareholder's Meeting on July 31. A spokesperson from Electronic Arts confirmed that Mott did not intend to stand for re-election to the board.

The announcement of his departure follows that of fellow cofounder Bing Gordon at the end of April that he would be jumping ship.

Mott has held the position of director at EA since 1990, and he was also a cofounder and senior vice president of the publisher. Other than his role of director, he has had no operating involvement in the company since he stepped down from his post as executive officer in 1990.