At yesterday's close of the East Coast markets, Electronic Arts issued a press release announcing that John Riccitiello, a managing director and co-founder of Elevation Partners, and former president of EA, has returned to the company to assume the mantle of CEO. He replaces Larry Probst, who will continue on as executive chairman of EA's board of directors. (You can read the extensive interviews that we conducted last year with Riccitiello here and with Probst here.) We spoke with Riccitiello and Probst together via phone to get some more insights as to what went down. Here's what the two men had to say.

So how did this come about?

Larry Probst: I'll take that one. Succession planning is something that we take seriously at Electronic Arts. Our board takes certainly it very seriously. We review various levels of the company on a regular basis, including the CEO position. We started talking very seriously about the CEO position, I guess at our November board meeting last year. And coming out of the February board meeting, which occurred a couple of weeks ago, we decided to offer John the CEO position, with me moving to a full time chairman position. So that's the succession piece of it.

With regard to timing, I just think this is the perfect time to turn over the reins of the company to a new CEO. We have, I think, weathered most of the technology transition storm that the industry has been dealing with. The industry and EA are poised for growth going forward. I think that's the right time to bring a new CEO into the company, when things on the horizon are positive as opposed to negative. So succession planning is something we do systematically, and this timing makes sense in terms of where we are in terms of the growth cycle for the industry.

John, it seemed to me that you had a pretty great gig. You were assembling some of the best developers in the industry; you were well capitalized; you were even partnered with the lead singer of the world's biggest rock band. Why would you leave all of that to come back to EA?

Publicist: Is that a serious question?

It is a serious question.

Riccitiello: [Laughs] We'll leave the lead singer part out of it. First off, understand, N'Gai, Elevation is in great hands. It is all of the good things you just said. Big capital, great investments, strong partners, unique strategy, everybody able to execute. All good. I think you probably know that I'm in love with this industry. I live it, breathe it. And my dream job was offered to me about ten days ago. It's the only CEO job that I would have considered to leave Elevation Partners to pursue. Not everybody gets to realize their dreams. And I get to realize them sort of on a silver platter, because Larry led the company and the team through a tough, challenging transition--new technology: PS3, Xbox 360, Wii, DS, wireless, online--and set me up for the best possible situation. So I don't know. In a certain sort of way, it's like getting the ultimate opportunity at precisely the right time, and aligned entirely with my dreams. So I couldn't be more excited.

What was the thinking about succession at the time John left EA? Was succession being thought about at all at that point?

Probst: Yeah. For sure. As I said earlier, succession is something that we think about and talk about on a regular basis. But three years ago, I didn't think it was the right time to seriously consider making a change. I wasn't prepared to specify a person or a specific date. More recently, I've been much morewilling to do that, and we proceeded along the lines that I described previously.

Riccitiello: N'Gai, let me underline that to a degree. A prior journalist that we spoke to asked the question slightly differently, and I pointed out that even I agree that the timing is right now and it was wrong then. It would have been challenging for any new CEO going into one of the most challenging transitions in the history of this industry. Every one of the major publishers has been challenged through this. Larry did all of the right stuff leading it through, and I'm frankly thankful that he did so. It's exactly the right call.

Just two more questions. Who's going to be the new president?

Riccitiello: Of what?

Of EA. You were named CEO, but there was nothing said about a president. Is there going to be a president named?

Riccitiello: There's no plans at this point.

Lastly, in taking this job, is it going to be a caretaking kind of thing, or are there new directions you're planning to take EA or being tasked to take EA?

Riccitiello: I feel like you've never met me, N'Gai. Caretaking? Give me a break. But I will tell you, I'm taking over the locomotive when it's actually all gassed up, pointing in the right direction, coal-ed up, steamed up, whatever locomotives are. It's got a head of steam; it's pointing in the right direction; it's got a great team; it's got some unbelievably new and interesting new intellectual properties coming, whether it's Spore, Crysis, Army of Two and others that have not yet been announced. So right now, I want to see if I can help the team take it to where they're pointed and beyond. But I wouldn't describe it as caretaking. Larry didn't ask me to do that.