According to a report in the LA Times, LucasArts president Simon Jeffery has resigned. Shortly after the news broke, the developer/publisher released a brief statement confirming it and adding that Jeffery is leaving to "return to his native England with his family". Good to have you back, Si.
In light of Jeffery's departure, LucasArts' veepee of finance and administration Mike Nelson will be holding the fort until a suitable replacement is found - a testament to how sudden and unexpected the news was for everyone including the company.
Jeffery's career at LucasArts began in 1998 as director of international business. He became president in 2000, and oversaw the release of massive titles like Star Wars: Knights of the Old Republic and Galaxies, which are giving the company the means to explore possibilities outside the 'safe' Star Wars brand.
Although early efforts like RTX Red Rock have struggled both critically and commercially, titles like Sam & Max: Freelance Police, Armed & Dangerous and Secret Weapons Over Normandy (reuniting LucasArts with Larry Holland) could help re-ignite the Lucas comedy flame, kickstarting a second age of infallibility that died off completely with the advent of Star Wars Episode 1 (and some say long before). That's the hope, anyway.
LucasArts recently reached 20 years in age. A detailed history of the popular games firm can be found here.