Unity Software surges on news John Riccitiello will step down as CEO, Chairman
) said Monday that John Riccitiello will retire as chief executive officer and chairman. James M. Whitehurst had been appointed interim CEO, while lead independent director Roelof Botha had been appointed chairman."Unity continues to be a leading gaming engine, especially for mobile, as we believe it has pricing power for Create while we expect the company to better bundle its advertising solutions with Create over time.
"With shares down 29% since reporting 2Q23 earnings , we are increasingly positive but await greater clarity on Unity's pricing and bundling strategy before recommending shares as we maintain our Market Perform rating." Wells Fargo analysts acknowledged that Riccitiello might have sometimes been controversial, but also reminded investors that he led the company “through incredible growth.”
“Think the implementation of runtime fee pricing a fundamentally bullish development, albeit one that was poorly communicated to developers,” the analysts said.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
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Unity Software’s Chairman, CEO John Riccitiello leaving companyWallace Witkowski came to MarketWatch from the Associated Press in New York, where he covered the business of Big Pharma, after covering FDA regulation of many of the same companies, as well as medical devices, in the Washington, D.C., area. Based in San Francisco, his current focus is on the more exciting world of semiconductors, videogames and cybersecurity, when he's not churning out earnings coverage. Follow him on Twitter at: wmwitkowski.
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