John Riccitiello announced his resignation on Monday, after having headed the company since 2007. The news was cheered by investors, who sent the stock up over $20 in after-hours trading. The news comes amid reports of slowing sales across the gaming industry, which is trying to reinvent itself and embrace changing technologies and consumer preferences. Riccitiello has taken full responsibility for Electronic Arts Inc. (NASDAQ:EA)'s disappointing performance recently, stating the following in a blog post: "My decision to leave EA is really all about my accountability for the shortcomings in our financial results this year." Chairman Larry Probst will be leading the company during the search for a new CEO.