SAN FRANCISCO–(BUSINESS WIRE)-- Unity (NYSE: U) (the “Company”), the world’s leading platform for creating and growing real-time 3D (RT3D) content, today announced that John Riccitiello will retire as President, Chief Executive Officer, Chairman and a member of the Company’s Board of Directors, effective immediately. James M. Whitehurst has been appointed Interim Chief Executive Officer, President and a member of the Board. Roelof Botha, Lead Independent Director of the Unity Board, has been appointed Chairman. Mr. Riccitiello will continue to advise Unity to ensure a smooth transition.
OK, how about the shareholders that elect the Board of Directors? Should they be “removed” as well?
My point is the function of the Chief Executive Officer is specifically to be accountable and responsible for the business functions of the company. Yes, BOD has made a bad call selecting him as a CEO and the shareholders will have an opportunity to re-elect the BOD, but how the business is run (the “Chief Executive” part) is owned by the CEO. And in this case he fucked up especially if he championed this pricing structure.