Mark Androvich
15:04 (BST)
15/02/2008
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Take-Two announces executive appointments
Names Zelnick executive chairman, extends agreement with Feder
Take-Two Interactive Software has announced several executive appointments, including naming current non-executive chairman Strauss Zelnick to the position of executive chairman.
The company has also entered into an employment agreement with current CEO Ben Feder to extend his services through October 31, 2012.
Finally, Karl Slatoff was named executive vice president, with key responsibilities in the area of general management, administration and corporate development. Slatoff has held positions as BMG Entertainment, The Walt Disney Company and Lehman Brothers.
Take-Two said that it was making the 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.
"Take-Two has made enormous strides since the ZelnickMedia team became involved in the Company approximately one year ago," said Michael Dornemann, chairman of the compensation committee of the company's board of directors.
"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."
Zelnick has served as non-executive chairman of Take-Two and a member of the company's board since March 2007. His firm led the turnaround of Columbia Music Entertainment of Japan and Time-Life, and Zelnick previously held positions with BMG Entertainment, Crystal Dynamics, and 20th Century Fox.
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