Take-Two CEO Feder Steps Down

Take-Two CEO Ben Feder wants to travel in Asia with his family, and so he'll be stepping down from his executive role at the Grand Theft Auto publisher. The company's chairman, Strauss Zelnick, will assume the chief executive role. As part of the transition, Take-Two's adding a new role among its directorship. Karl Slatoff, who's been serving as the company's executive VP for the past two years, will take the position of chief operating officer effective immediately. Slatoff's a partner in Zelnick's ZelnickMedia investment firm, as is Feder -- the latter will remain a partner despite leaving Take-Two. "I am proud of our team for transforming Take-Two into a more profitable, more diversified and growth-oriented company," said Feder in a statement. He's been in the role of CEO for four years, stepping in after previous executives Paul Eibeler and Ryan Brant led the company into debt and trouble with the SEC. Since then, over Feder's tenure the company's resolved its outstanding legal issues, diversified its portfolio of titles and studios, and appears on track to realize its first profitable year without a major Grand Theft Auto release. "As a result of the team's efforts, the company today is in the strongest financial and operational condition in its history," says Feder. "Now that the company is in a position of strength and is poised for solid performance in the future, the time is right for me to honor certain commitments that I have made to my family." Zelnick says Feder has been a "major element" in Take-Two's "tremendous progress," and also notes he looks forward to working with Slatoff in the latter's expanded role. "I have every confidence that this team will continue to deliver on the tremendous potential of Take-Two in the coming months," said Zelnick. Feder's move hasn't much impacted the company's stock, which remains largely flat in early trading.