John Riccitiello, Unity Software’s CEO and chairman, is leaving the company

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Unity Software Inc. said late Monday that John Riccitiello will retire as president, chief executive and chairman of the game-engine and ad-monetization company he took public at the height of the COVID pandemic.

Unity
U,
-1.49%
appointed James Whitehurst as interim CEO; Roelof Botha, lead independent director of Unity’s board, has been appointed chairman. The board said it would initiate a search for a new CEO.

Recently, Unity drew fire from game developers and had to alter a fee rollout for its game engine.

Riccitiello, who will leave the company altogether, “will continue to advise Unity to ensure a smooth transition.” Unity shares declined as much as 2.5% after hours, following a 1.5% decline in the regular session to close at $29.70.

The company also reaffirmed its third-quarter outlook. Back in August, Unity forecast revenue of $540 million to $550 million, citing a flat game-ads market and a continued soft market in China.

Analysts surveyed by FactSet, at the time, had estimated revenue of $549 million, and now forecast $555 million.

Unity went public back in September 2020, opening at $75 after pricing at $52 a share.

At Monday’s close, Unity shares were up 3.9% year to date, while the S&P 500 index
SPX
is up 12.9%, and the tech-heavy Nasdaq Composite
COMP
is up 28.8%.

Source
Las Vegas News Magazine

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