Unity Software (NYSE:U), the renowned video-game software creator, has announced the immediate retirement of its CEO, John Riccitiello. Following the news, shares gained more than 5% intra-day today. Taking his place on a temporary basis, James Whitehurst has been appointed as interim CEO, while Roelof Botha steps into the role of chairman, according to a company statement.

Whitehurst brings a wealth of experience to Unity, having previously worked at IBM as both a senior adviser and president. His association with IBM began when the tech giant acquired software company Red Hat, where Whitehurst had held the positions of president and CEO from 2008 to 2020.

While Riccitiello will maintain a relationship with Unity, offering advisory services, the board will kickstart the process of finding a new, permanent CEO. This leadership change follows a recent event where Unity, the company that developed the Unity Engine software, retracted significant components of a "runtime fee" pricing policy in September following opposition from game developers.