Shareholders at Take-Two have successfully ousted the current board of directors and replaced them with a new board, headed by Strauss Zelnick.
Zelnick is the founder of ZelnickMedia, a company previously given the task of turning around companies such as Columbia Music of Japan and Time-Life. He has also held CEO positions at Crystal Dynamics, BMG Entertainment and 20th Century Fox.
The board is currently working with former CEO Paul Eibeler "to ensure an orderly and effective transition", according to a statement.
"Take-Two has exceptional brands and creative resources, and we are thrilled to be able to work with the many talented people within the company," said Zelnick.
"The new board plans to put in place strategies designed to revitalise Take-Two, focus on supporting and enhancing its creative output, improve its margins and ensure that the 2007 release pipeline meets expectations
"We are here to maximise the value of Take-Two for shareholders, for game consumers and for the company's employees," he added.
Joining Zelnick on the new board are Ben Feder, Jon J. Moses, Michael Dornemann, Michael James Sheresky, and Grover C. Brown and John Levy, both incumbent directors.
Between them they have held senior roles at News Corp, UGO Networks, Bertelsmann AG and the William Morris Agency.
The management turnover was initiated by a group of investors who together own 46 per cent of Take-Two shares, and have been unhappy with the way the board has handled high-profile court battles and financial problems.
Along with Eibeler, Take-Two executives Oliver Grace, Robert Flug and Mark Lewis were also removed from their roles on the board.