Thu, Jan 21, 2010 | 14:25 GMT
Take-Two: CEO Feder to stand down from Board
Take-Two’s just said that three members of its Board are to be replaced at shareholders’ requests, including CEO Ben Feder.
Feder will, however, continue to operate as the firm’s CEO.
“I want to express my gratitude to Ben, Grover and John not only for their dedicated service to Take-Two stockholders but also for their very gracious decision not to stand for re-election so that we can facilitate a change in Board composition,” said chairman Strauss Zelnick.
Sounds as though there’s been some serious politicking here. Carl Icahn, holder of approximately 11.3 percent of Take-Two shares, is one of the shareholders requesting the changes, and has put forward three new nominees to replace the holes left in the company’s Board; including one Brett Icahn.
Full details on what sounds like an awkward deal here.
7 comments
#1
Psychotext
21/01/10, 2:30 pm
Time for a takeover I reckon.
#2
Blerk
21/01/10, 2:31 pm
This doesn’t bode well.
#3
NGCes26294BIV
21/01/10, 2:33 pm
Strauss Zelnick should have a fight with Robert Kotick (calling him Bobby suggests I like him enough to use a nickname) to see who’s the biggest spanner.
#4
PolyGoneWithTheWind
21/01/10, 2:52 pm
Take 2 have been on the open market for quite some time, they were actively persuing the “old entertainment” money that came flooding in recently but the balance sheet doesn’t hold up…
Icahn gives financial stability – but as seen with Yahoo – he can be divisive and single-minded in his beliefs. “Angel” investors sometimes are only that in name…
#5
Razor
21/01/10, 2:59 pm
Icahn is a company’s worst nightmare; a billionaire with absolutely nothing to do.
#6
No_PUDding
21/01/10, 3:03 pm
Awesome name though… Icahn.
Imagine if he were called Shaq Icahn. And some said ‘Shaq Icahn, lemme rock you – lemme rock you Shaq Icahn!’
#7
PolyGoneWithTheWind
21/01/10, 3:08 pm
Saying that… he was right with one thing… Yahoo really, really should have sold to MS when the offer was in.
If Icahn gets his way and gets them sold, he will go anywhere which may trouble Rockstar. They will have to go outside of industry – MS, Sony and even cash-rich Nintendo won’t punt on Take2