Current Report — Form 8-K Filing Table of Contents
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New
York, NY - February 15, 2008
-
Take-Two Interactive Software, Inc. (NASDAQ: TTWO) today announced several
executive appointments to ensure that the Company has the management resources
in place to continue its growth and development, and to take maximum advantage
of opportunities in the interactive entertainment marketplace.
The
Board
of Directors named Strauss Zelnick, currently Non-Executive Chairman, to the
position of Executive Chairman, and entered into an employment agreement with
Ben Feder, currently serving as Chief Executive Officer in connection with
the
services provided by ZelnickMedia pursuant to a management agreement with
Take-Two, to serve as CEO through October 31, 2012. In addition, Karl Slatoff
was named Executive Vice President, with key responsibilities in the area of
general management, administration and corporate development.
The
services of these executives are provided to Take-Two under an amended
management agreement with ZelnickMedia, and employment agreements with Ben
Feder
and Karl Slatoff, as detailed in the Company’s Form 8-K filed
today.
Strauss
Zelnick has served as Non-Executive Chairman of Take-Two and a member of the
Company’s Board since March 2007. He is the founding partner of ZelnickMedia, a
media and entertainment investment firm. Mr.
Zelnick and his partners have led the successful execution of several
operational turnarounds, including Columbia Music Entertainment of Japan and
Time-Life. Prior to founding ZelnickMedia in 2001, Mr. Zelnick held
several senior-level media industry positions, including president and chief
executive officer of BMG Entertainment, president and chief executive officer
of
Crystal Dynamics, and president and chief operating officer of 20th Century
Fox.
Ben
Feder
has been Acting CEO and a Board member of Take-Two since March 2007. A
co-founder of ZelnickMedia, Mr. Feder was previously chief executive officer
of
MessageClick, Inc., a leading provider of voice messaging technology for next
generation telephone networks. He previously served as a senior executive at
News Corp., where he held senior executive positions with News MCI Internet
Ventures, as well as the Fox film, television and cable division. Mr.
Feder also serves on the Board of Directors of Columbia Music
Entertainment.
Karl
Slatoff is a partner at ZelnickMedia, with expertise in the areas of music,
direct marketing, broadcast, interactive entertainment and new media. In
connection with the ZelnickMedia management agreement, for the past year Mr.
Slatoff has devoted significant time and energy to Take-Two and worked closely
with members of the Company’s management team, focusing on restructuring and
cost saving initiatives, and mergers and acquisitions. Previously, Mr. Slatoff
served as Vice President, New Media for BMG Entertainment. Before joining BMG,
he worked in strategic planning at the Walt Disney Company, where he focused
on
the consumer products, studio and broadcast divisions, as well as several
initiatives in the educational, publishing and new media sectors. Earlier,
he worked in the corporate finance and mergers and acquisitions units at Lehman
Brothers.
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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. All three of these individuals have
devoted significant effort to revitalize Take-Two, and the management of the
Company has demanded a greater portion of their time, attention and energy
than
we contemplated at the outset. 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.”
About
Take-Two Interactive Software
Headquartered
in New York City, Take-Two Interactive Software, Inc. is a global developer,
marketer, distributor and publisher of interactive entertainment software games
for the PC, PLAYSTATION®3 and PlayStation®2 computer entertainment systems, PSP®
(PlayStation®Portable) system, Xbox 360® and Xbox® video game and entertainment
systems from Microsoft, Wii™, Nintendo GameCube™, Nintendo DS™ and Game Boy®
Advance. The Company publishes and develops products through its wholly owned
labels Rockstar Games, 2K Games, 2K Sports and 2K Play, and distributes
software, hardware and accessories in North America through its Jack of All
Games subsidiary. Take-Two's common stock is publicly traded on NASDAQ under
the
symbol TTWO. For more corporate and product information please visit our website
at www.take2games.com.
All
trademarks and copyrights contained herein are the property of their respective
holders.
Safe
Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements made in reliance upon
the
safe harbor provisions of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. The
statements contained herein which are not historical facts are considered
forward-looking statements under federal securities laws. Such forward-looking
statements are based on the beliefs of our management as well as assumptions
made by and information currently available to them. The Company has no
obligation to update such forward-looking statements. Actual results may vary
significantly from these forward-looking statements based on a variety of
factors. These risks and uncertainties include the matters relating to the
Special Committee’s investigation of the Company’s stock option grants and the
restatement of our consolidated financial statements. The investigation and
conclusions of the Special Committee may result in claims and proceedings
relating to such matters, including previously disclosed shareholder and
derivative litigation and actions by the Securities and Exchange Commission
and/or other governmental agencies and negative tax or other implications for
the Company resulting from any accounting adjustments or other factors. Other
important factors are described in the Company’s Annual Report on Form 10-K for
the fiscal year ended October 31, 2007, in the section entitled “Risk Factors.”
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Dates Referenced Herein and Documents Incorporated by Reference
