Take-Two Announces Board Reshuffle

Officials from Take-Two Interactive have announced several new executive appointments, with current non-executive chairman Strauss Zelnick becoming executive chairman of the company. At the same time, Karl Slatoff has been named executive vice president with key responsibilities in the areas of general management, administration and corporate development. The company’s board of directors has also come to an agreement with current CEO Ben Feder for him to remain in the position until 2012. The services of all three executives are provided under an amended management agreement with investment firm ZelnickMedia and individual agreements with Slatoff and Feder. ZelnickMedia was the firm whose principals took over management of Take-Two in March 2007 after widespread dissatisfaction regarding the Grand Theft Auto creator from shareholders - and a subsequent dissident shareholder takeover. This announcement cements their stewardship of the company. Michael Dornemann, chairman of the compensation committee of the company’s board of directors, commented, “Take-Two has made enormous strides since the ZelnickMedia team became involved in the Company approximately one year ago. Today’s announcement reflects the Company’s progress since then, its evolving needs, as well as its prospects for future growth.” He added, “By naming Strauss Zelnick as Executive Chairman and Ben Feder as CEO, and adding Karl Slatoff in a key role, we are ensuring that Take-Two has the leadership to continue our positive momentum and leverage the exciting opportunities in our industry.”