Ben Feder, Chief Executive Officer, to Step Down, Effective January 1, 2011
Strauss Zelnick, Executive Chairman, to Add CEO Role
Karl Slatoff, Executive Vice President, Named Chief Operating Officer
NEW YORK, Oct 29, 2010 (BUSINESS WIRE) -- Take-Two Interactive Software, Inc. (NASDAQ: TTWO) announced today that its Chief Executive Officer, Ben Feder, has decided to step down in order to pursue plans to travel in Asia with his family for an extended period. He remains a partner in ZelnickMedia.
Strauss Zelnick, Take-Two's Executive Chairman, will take on the additional role of Chief Executive Officer. Karl Slatoff, an Executive Vice President of Take-Two since 2008, has been named to the newly created role of Chief Operating Officer of the Company, effective October 25, 2010. Mr. Slatoff is a partner in ZelnickMedia and previously worked with BMG Entertainment and The Walt Disney Company.
The Chief Executive Officer transition will be effective as of January 1, 2011. Mr. Feder intends to work with Mr. Zelnick, Mr. Slatoff and the Take-Two management team during this period to ensure an orderly transition.
"I am proud of our team for transforming Take-Two into a more profitable, more diversified and growth-oriented company," Mr. Feder stated. "As a result of the team's efforts, the Company today is in the strongest financial and operational condition in its history. 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."
"The Board of Directors and I want to thank Ben Feder for his leadership, which has been a major element in the tremendous progress of Take-Two over a period of nearly four years. Our success also has been a team effort, built on the strengths, talents and dedication of many professionals. One of those professionals, Karl Slatoff, will be taking on expanded responsibilities as COO, and will work closely with me to ensure that the Company remains sharply focused on achieving our strategic goals. I have every confidence that this team will continue to deliver on the tremendous potential of Take-Two in the coming months," said Mr. Zelnick.
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is a global developer, marketer and publisher of interactive entertainment software games for the PC, PlayStation(R)3 and PlayStation(R)2 computer entertainment systems, PSP(R) (PlayStation(R)Portable) system, Xbox 360(R) video game and entertainment system from Microsoft, Wii(TM), Nintendo DS(TM), iPhone(R), iPod(R) touch and iPad(TM). The Company publishes and develops products through its wholly owned labels Rockstar Games and 2K, which publishes its titles under 2K Games, 2K Sports and 2K Play. The Company's common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at http://www.take2games.com.
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