Unity CEO John Riccitiello is retiring, effective immediately

Submitted ⁨⁨1⁩ ⁨year⁩ ago⁩ by ⁨fart_pickle@lemmy.world⁩ to ⁨technology@lemmy.world⁩

https://arstechnica.com/?p=1974554

John Riccitiello, CEO of Unity, the company whose 3D game engine had recently seen backlash from developers over proposed fee structures, will retire as CEO, president, and board chairman at the company, according to a press release issued late on a Monday afternoon, one many observe as a holiday.

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TransplantedSconie@lemm.ee ⁨1⁩ ⁨year⁩ ago
Drops a nuke on their stock

“Well, guess my work is done. I’ll take my $400 million golden parachute and just step over the pieces of my broken company as I shuffle out to my car. Peace, bro.”

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- baldingpudenda@lemmy.world ⁨1⁩ ⁨year⁩ ago
  Then 6 months later gets a VP job somewhere else because he “has experience” all the while eyeing another run at CEO.
  
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  - TornadoRex@lemmy.world ⁨1⁩ ⁨year⁩ ago
    Nah once they’re CEOs they’re good. They just go sit on various boards making millions for doing relatively nothing.
    
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- db2@sopuli.xyz ⁨1⁩ ⁨year⁩ ago
  Someone find out if he or his family sold stock before the drop.
  
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  - Klaymore@sh.itjust.works ⁨1⁩ ⁨year⁩ ago
    I’ve heard he sold some stock but it was like a recurring sell-this-much-every-this-often type of thing so it wasn’t out of the ordinary is what I heard.
    
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- merc@sh.itjust.works ⁨1⁩ ⁨year⁩ ago
  I’m not sure if it’s an accident, but the value of $400m is exactly how much private equity firm Silver Lake invested in them in 2017. They were backed by a lot of private equity and VC money before they had an IPO.
  
  Unity IPO’d 3 years ago in Sept 2020 at $52 per share, they’re now at $30/share, and have been under $50/share since May. The chairman of the board, Roelof Frederik Botha, is a partner at Sequoia Capital.
  
  This is a business run by VC / PE people, that’s doing shitty in the market, and was doing badly before this whole license fee event. It’s not going to come to its senses and start behaving well just because the scapegoat CEO is gone. They need to juice their revenue streams to make investors happy, because it’s worth significantly less than it was at the IPO.
  
  I just hope nobody is saying “Yay, now that the evil CEO is gone, Unity will be good again.” Anybody thinking that is just setting themselves up for whatever the company does next to juice their failing stock price.
  
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- GBU_28@lemm.ee ⁨1⁩ ⁨year⁩ ago
  Hmm can he exercise his stock at a lower rate now?
  
  Then, with the assumption that the company adjusts in the coming years, sell for profit?
  
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ringwraithfish@kbin.social ⁨1⁩ ⁨year⁩ ago
Pisses me off that CEOs never get fired for their bullshit and get to "retire" or "resign" like they didn't just make the most boneheaded decision that severely hurt the company.

There really needs to be some organizational structure where the CEOs have the power to make the decisions they make, but the employees have the power to punish and fire them when they do shit like this. No golden parachutes for them!

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- lung@lemmy.world ⁨1⁩ ⁨year⁩ ago
  This is actually wrong. There’s a near 100% chance that the decision was made by the board, and also the decision to remove the CEO. So we’re talking about the fall guy, but being an insider, the fall guy will get a tidy sum for the dive
  
  Then the CEO can be recycled to some other project, and a new CEO instated at Unity, so they can pivot or double down with no moral dilemma. In reality, the board was there all along and it’s all a big PR game
  
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  - solomon42069@lemmy.world ⁨1⁩ ⁨year⁩ ago
    Also if we’re talking about avoiding responsibility cause of privilege then the boards of companies are the topic.
    
    The C suite are just managers, usually wealthy from their own career rather than heritage. Board people are almost all old wealth, a parasitic race of nepo babies who ruin everything.
    
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  - partial_accumen@lemmy.world ⁨1⁩ ⁨year⁩ ago
    CEO may have even wanted to leave anyway before the announcement and agreed to make this unpopular announcement knowing that he’d take the bad blood with him when he left.
    
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  - rastilin@kbin.social ⁨1⁩ ⁨year⁩ ago
    Maybe, but I'm betting that the CEO who floated the idea that FPS players would be willing to pay per-reload didn't push back too hard against the board's ideas.
    
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  - trolololol@lemmy.world ⁨1⁩ ⁨year⁩ ago
    Except that guy was CEO and board
    
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  - shalafi@lemmy.world ⁨1⁩ ⁨year⁩ ago
    LOL, you’re not playing the game correctly! CEO = bad/evil/stupid, every time, always. They’re all worthless scum that never lift a finger and don’t deserve their job. (Mine’s great and does a fine job of leading the company. We make hella money, but never at the cost of morals, employee pay/benefits or long-term profits. He’s basically an alien. Apparently.)
    
    These kids have never heard of a “board of directors”, nor do they realize the CEO serves at the board’s pleasure. (For those of you working your first job, that means the board can fire the CEO anytime they fuck well please. CEO, in turn, gets a “golden parachute” against such an eventuality. Ya know, in case they get fucked for circumstances beyond their control.)
    
    “Fall guy” or “patsy” is also a new term. Reminds me of reddit’s Ellen Pao. Board wanted unpopular decisions made, put her in the hot seat, she made 'em, fired her ass.
    
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  - ringwraithfish@kbin.social ⁨1⁩ ⁨year⁩ ago
    Ackshually!
    
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- floofloof@lemmy.ca ⁨1⁩ ⁨year⁩ ago
  You’re saying the workers should own the means of production. Sounds fair to me.
  
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- PoliticalAgitator@lemm.ee ⁨1⁩ ⁨year⁩ ago
  
  Pisses me off that CEOs never get fired for their bullshit and get to “retire” or “resign” like they didn’t just make the most boneheaded decision that severely hurt the company.
  
  They’re rich people and it’s not considered acceptable to hold rich people accountable in even the most trivial way.
  
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  - Fraylor@lemm.ee ⁨1⁩ ⁨year⁩ ago
    The Rich only suffer under the boots of the evolved form ultra rich
    
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  - agent_flounder@lemmy.one ⁨1⁩ ⁨year⁩ ago
    Well, it’s only unacceptable to rich people who have the power to avoid consequences.
    
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- people_are_cute@lemmy.sdf.org ⁨1⁩ ⁨year⁩ ago
  That’s not just CEOs. All employees after a certain point up the ladder have to “put in their resignation” if they are to be fired. It’s a convention that saves face for both parties.
  
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- iByteABit@lemm.ee ⁨1⁩ ⁨year⁩ ago
  The only way this can be done in a capitalist way, is by distributing exactly one company share for every employee that’s not tradeable at all, flattening the hierarchy completely, and making every decision in a direct democratic way.
  
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  - BlemboTheThird@lemmy.ca ⁨1⁩ ⁨year⁩ ago
    wouldn’t an untradeable share just be worthless? give employees stock options
    
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- dylanTheDeveloper@lemmy.world ⁨1⁩ ⁨year⁩ ago
  Being fired as CEO essentially black lists you from working. So they get nudged out instead
  
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  - captain_aggravated@sh.itjust.works ⁨1⁩ ⁨year⁩ ago
    I mean, some people need to get blacklisted.
    
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  - Silvus@lemmy.world ⁨1⁩ ⁨year⁩ ago
    Yeah good, being fired from anything above an entry level job gets you blacklisted from similar level positions. It’s the world telling you, you belong at a lower level position.
    
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p03locke@lemmy.dbzer0.com ⁨1⁩ ⁨year⁩ ago

Former EA CEO will be replaced in interim by James Whitehurst from IBM/Red Hat.

Is that better or worse?

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- ElBarto@sh.itjust.works ⁨1⁩ ⁨year⁩ ago
  I swear they treat CEO’s who tank companies like they do priests who molest kids and just send them to another place whenever they get caught.
  
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  - vacuumflower@lemmy.sdf.org ⁨1⁩ ⁨year⁩ ago
    That’s corporatism in a wider sense. Existed since times immemorial. It’s a systemic problem, that is, defined by architecture.
    
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  - APassenger@lemmy.world ⁨1⁩ ⁨year⁩ ago
    If you need someone to implement a greedy, extreme position d then “pull back to something reasonable” (still further than original), he’s on the short list.
    
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- Fades@lemmy.world ⁨1⁩ ⁨year⁩ ago
  
  red hat
  
  Given their decision making in 22-23 especially, yikes
  
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  - Vilian@lemmy.ca ⁨1⁩ ⁨year⁩ ago
    but if they isn’t anymore in red hat so they didn’t take the 22/23 decisions, no?
    
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  - chrishazfun@lemmy.world ⁨1⁩ ⁨year⁩ ago
    That’s more at the feet of current leadership at IBM/RH, he resigned in mid 2021. The licensing move could’ve also been made and it just took a while to be official though so who knows.
    
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- Edgelord_Of_Tomorrow@lemmy.world ⁨1⁩ ⁨year⁩ ago
  Gamers don’t know who he is so probably better
  
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  - killeronthecorner@lemmy.world ⁨1⁩ ⁨year⁩ ago
    People in software know who people in software are. Unity is for software developers, not gamers.
    
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  - Devious_Thoughts@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago
    Probably hasn’t had a chance to fuck up publicly, hopefully he pays attention to the news and doesn’t want to be unpopular
    
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neshura@bookwormstory.social ⁨1⁩ ⁨year⁩ ago
Tell me again why these hacks get paid so much for “taking risks” when they never end up being fired? I have not seen a single CEO officially fired from a company for driving it into the ground. They always “choose” to retire after fucking up the entire thing and collect a fat paycheck for doing so.

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- Aceticon@lemmy.world ⁨1⁩ ⁨year⁩ ago
  He’s been told to retire or be fired.
  
  Being actually fired is not at all good for his CV at that level, hence he is leaving by “retiring”, a different process in legal terms.
  
  That said, anybody with any experience with high-level management knows that a manager “retiring” after taken the kind of the decision this one took with the consequences it had, actually means he’s been pushed out, just not through the formal process of “firing”.
  
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  - neshura@bookwormstory.social ⁨1⁩ ⁨year⁩ ago
    that’s why I put the “choose” into air quotes. It’s bs, anybody with a bit of info about the matter knows it but he still gets to cash out his boni because he has not been technically fired for crashing the company’s future
    
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  - bemenaker@lemmy.world ⁨1⁩ ⁨year⁩ ago
    
    Being actually fired is not at all good for his CV at that level,
    
    He ran EA. It doesn’t matter if he retires or is fired. It’s irrelevant at that level. Everyone knows the board said you need to leave, which means being fired. The only potential difference is final compensation. Future job prospects are not changed either way for him.
    
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- float@feddit.de ⁨1⁩ ⁨year⁩ ago
  Once you slightly climb the career ladder, vocabulary turns into marketing bs. Suddenly you most not say “problem” anymore. They’re “opportunities” or “challenges”. So at that level you don’t get “fired” because that would sound bad for the next company you’re going with. You’re looking for new challenges elsewhere. Leaving behind a dumpster fire like in this very case.
  
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  - Lemmyvisitor@lemmy.dbzer0.com ⁨1⁩ ⁨year⁩ ago
    I mean with a company that big, they can just google you to see what you messed up
    
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- SCB@lemmy.world ⁨1⁩ ⁨year⁩ ago
  
  when they never end up being fired
  
  When you’re a career professional, this is what being fired looks like.
  
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  - neshura@bookwormstory.social ⁨1⁩ ⁨year⁩ ago
    yes and that’s bullshit. They run a company into the ground, risking and often costing the livelyhoods of hundreds or thousands of employees and then take a fat bonus because, as you said, they were not fired. Sitting comfortably in their golden parachute they then glide over to the next opportunity to ruin people’s lives and days.
    
    Also since you did not get that I was hinting at exactly what you wrote by using “choose” instead of choose and you seemingly not being the first person to stumble over that I have to work on my sarcasm skills.
    
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- people_are_cute@lemmy.sdf.org ⁨1⁩ ⁨year⁩ ago
  You don’t get fired when you’re at the management level, you “resign”.
  
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- Auli@lemmy.ca ⁨1⁩ ⁨year⁩ ago
  Yep they get all the praise when things go good. But shit happens and it’s lnever their fault.
  
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- torpak@discuss.tchncs.de ⁨1⁩ ⁨year⁩ ago
  You only get to become CEO when you have friends in high places. Why would anyone risk the backlash for hurting you when silently letting you go with a golden handshake doesn’t cost their own money or at least a neglegible part of it.
  
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  - neshura@bookwormstory.social ⁨1⁩ ⁨year⁩ ago
    I know but to the common pleb it’s still always sold as “well they get this much money because they’re on the hook if the company goes down” which, as shown time and time again, is just not how these parasites operate. No they operate exactly as you describe it moving from one opportunity to suck money out of the lower classes to another.
    
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LostMyRedditLogin@lemmy.world ⁨1⁩ ⁨year⁩ ago
They treated a game engine company like a Silicon Valley startup. It’s a limited customer base. It was never going to scale. Dummies.

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- Semi-Hemi-Demigod@kbin.social ⁨1⁩ ⁨year⁩ ago
  No way, bro, we just gotta get each user to pay, bro. Have them pay a monthly fee to us to play games, bro. It’ll totally scale, bro.
  
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- Ghostalmedia@lemmy.world ⁨1⁩ ⁨year⁩ ago
  Crazy idea. Come up with a new products in your portfolio instead of milking 1 dry.
  
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Aceticon@lemmy.world ⁨1⁩ ⁨year⁩ ago
It’s a start.

Now do the Board who chose an EA CEO with his track record to lead Unity and stood behind this until finally forced by the consequences of his actions to push them out.

Certainly and after what happenned, merelly pushing out one guy in the nicest, most career protecting way possible, isn’t sufficient to restore my trust in Unity as a platform on top of which to base my business.

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- yoz@aussie.zone ⁨1⁩ ⁨year⁩ ago
  Burn the whole board.
  
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  - AngryCommieKender@lemmy.world ⁨1⁩ ⁨year⁩ ago
    They don’t make good fuel. Drown em. Takes less effort.
    
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Muhr@lemmy.world ⁨1⁩ ⁨year⁩ ago
I’m excited to know where that money hungry pos is going next 🤔

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- Blackmist@feddit.uk ⁨1⁩ ⁨year⁩ ago
  Judging by those eyes alone, I’d say he’s going back to the collection of dismembered prostitutes in his basement.
  
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- veloxization@yiffit.net ⁨1⁩ ⁨year⁩ ago
  He probably has a dartboard filled with company names and wherever a dart hits, he’ll go ruin that company.
  
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Chessmasterrex@lemmy.world ⁨1⁩ ⁨year⁩ ago
Too late, I wouldn’t trust Unity from this point on. Spend tons of time and effort only to have it all yanked away. Screw that!

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sebsch@discuss.tchncs.de ⁨1⁩ ⁨year⁩ ago
Is that… the guy from EA?

This explains lot!

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tryptaminev@feddit.de ⁨1⁩ ⁨year⁩ ago
Urrespective of all the other BS, why was the CEO also president of the board?

The role of the board is to supervise the executives.

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- Rodeo@lemmy.ca ⁨1⁩ ⁨year⁩ ago
  That’s not exactly an uncommon structure. In case you’re just realizing this now: rich people are a bunch of corrupt fuckers.
  
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- Nilz@sopuli.xyz ⁨1⁩ ⁨year⁩ ago
  Who wouldn’t want to supervise themselves?
  
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  - tigerjerusalem@lemmy.world ⁨1⁩ ⁨year⁩ ago
    I see you’re CEO material, interested in running Unity?
    
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  - Kyoyeou@slrpnk.net ⁨1⁩ ⁨year⁩ ago
    Damn this CEO is so good, maybe he should get a raise
    
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Syo@kbin.social ⁨1⁩ ⁨year⁩ ago
Unity is dead, but at least one guy made it out like a bandit.

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schwim@reddthat.com ⁨1⁩ ⁨year⁩ ago
pops the golden parachute

“Later, bitches!”

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- shalafi@lemmy.world ⁨1⁩ ⁨year⁩ ago
  “So, board of directors, you can force me to do any dumb thing you want, or fire me for not doing it? Yeah. Imma need an escape shuttle.”
  
  “Fine. We’ll cut you a check for a couple of million if it comes to that. But we’re so smart, it won’t come to that.”
  
  “It came to that.”
  
  “Here’s your check.”
  
  Thank you for coming to my TED Talk.
  
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- upforitbutnotdownforit@kbin.social ⁨1⁩ ⁨year⁩ ago
  Maybe the solution for CEOs that take the golden parachute is a literal golden parachute.
  
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  - shalafi@lemmy.world ⁨1⁩ ⁨year⁩ ago
    Abd what would you propose we do with the board of directors? Ya know, the people actually running the show?
    
    Y’all are suckers. They put out a Judas goat and you eat it up.
    
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  - Neato@kbin.social ⁨1⁩ ⁨year⁩ ago
    The solution is to tax the rich so a golden parachute mostly goes to the tax payer. Including stock options.
    
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  - root_beer@midwest.social ⁨1⁩ ⁨year⁩ ago
    They get a rucksack filled with gold bullion, and the only way out of the building is through the window of their corner office.
    
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  - Skyrmir@lemmy.world ⁨1⁩ ⁨year⁩ ago
    Times are tough, best we can do is lead.
    
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Lightrider@lemmynsfw.com ⁨1⁩ ⁨year⁩ ago
Fucking capitalists

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mycroft@lemmy.world ⁨1⁩ ⁨year⁩ ago
Wow he only had to tank the company before his 50m worth of EA ownership became a problem…

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UserMeNever@feddit.nl ⁨1⁩ ⁨year⁩ ago
Do not let the door hit you on the way out.

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RampantParanoia2365@lemmy.world ⁨1⁩ ⁨year⁩ ago
Why do we call it “retiring” when we all know he’ll be CEO of some other company in 2 months?

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- Tyler_Zoro@ttrpg.network ⁨1⁩ ⁨year⁩ ago
  I can’t imagine who would hire him. He fucked Unity badly.
  
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chrishazfun@lemmy.world ⁨1⁩ ⁨year⁩ ago
inb4 he gets a job at fucking blackstone inc or something lmao

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cley_faye@lemmy.world ⁨1⁩ ⁨year⁩ ago
Yeah, after burning down something popular, he get off without any repercussions (aside maybe a big bag of cash) and is likely to go find the next successful thing to burn it down, to get another big bag of cash.

Can we purge these people out once they failed everywhere?

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- knotthatone@lemmy.world ⁨1⁩ ⁨year⁩ ago
  He didn’t fail. He did what the board asked of him which proved to be more unpopular than they all had expected. So they gave him an obscenely generous severance package and sent him on his merry way.
  
  He’s been rewarded and they’re just trying to position it so it looks like the company leadership gives a shit and won’t try the exact same thing at a later date.
  
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GaimDS@lemmy.world ⁨1⁩ ⁨year⁩ ago
Good riddance, but idk if this is a case of too little too late

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deaf_fish@lemm.ee ⁨1⁩ ⁨year⁩ ago
Out with the old guy and in with the new guy. No change to the incentive structure. I wonder if things will turn out differently this time?

I hope Unity users will get to continue to use the tool they have spent so many hours learning. I also think the industry should try to make things more CEO proof.

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TheBlue22@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago
Yeah, yeah, I assume he got like 4727928 bazillion golden parachute or some bullshit

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Haha@lemmy.world ⁨1⁩ ⁨year⁩ ago
The guy looks soulless!!! Good riddance!!!

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mayo@lemmy.world ⁨1⁩ ⁨year⁩ ago
lol

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pucciguccibucci@lemmy.whynotdrs.org ⁨1⁩ ⁨year⁩ ago
The-Senate lookin ass

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nl4real@lemmy.world ⁨1⁩ ⁨year⁩ ago

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RizzRustbolt@lemmy.world ⁨1⁩ ⁨year⁩ ago
Push clause.

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FrankTheHealer@lemmy.world ⁨1⁩ ⁨year⁩ ago
Good.

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