Take-Two Interactive Software President, Paul Eibeler, Adds CEO Role
Richard Roedel to Remain Chairman
New York, NY - February 1, 2005 - Take-Two Interactive Software, Inc. (NASDAQ:TTWO) announced today that Company President and Board member Paul Eibeler has been named to the additional role of Chief Executive Officer. Mr. Eibeler assumes the CEO responsibilities from Richard Roedel, who remains Chairman of the Board of Directors.
"I am proud that Take-Two has strengthened its management team and operations, enhanced its development and distribution resources, and continued to create products that have made us a powerful force in the video game industry. Given our solid position and strong momentum, I believe this is the right time to transition the CEO role. I'm confident that Paul Eibeler, who is highly respected in the video game industry and a key contributor to our progress, is the right executive to move the Company forward," said Mr. Roedel.
"Take-Two is an exciting company, with a leading position in the video game industry, a proven track record of innovation, and significant financial capacity," Mr. Eibeler noted. "I am honored by the confidence placed in me by the Board of Directors. As CEO, I look forward to continuing to work with our management team to further enhance and expand our business. I also want to thank Rich Roedel for his leadership during an important growth period for our Company."
Mr. Roedel, age 55, has been Chairman of Take-Two since April 2004 and Chief Executive Officer since June 2004. A director of the Company since November 2002, he also served as Chairman of the Audit Committee until April 2004. From 1999 to 2000, Mr. Roedel was Chairman and Chief Executive Officer of the accounting firm BDO Seidman, LLP, and was employed by that firm in various positions since 1985.
Mr. Eibeler, 49, has been President and a director of Take-Two since April 2004 and previously held those positions from July 2000 to June 2003. From July to October 2003, he was President and Chief Operating Officer of Acclaim North America, and was an Executive Vice President of Acclaim from 1998 to 1999. He also has been a consultant to Microsoft's Xbox launch team and held various executive positions with Impact, Inc., a leading supplier of licensed toys and school supplies.
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is an integrated global developer, marketer, distributor and publisher of interactive entertainment software games and accessories for the PC, PlayStation® game console, PlayStation®2 computer entertainment system, PSP? handheld entertainment system, Xbox®, Nintendo GameCube? and Game Boy® Advance. The Company publishes and develops products through its wholly owned labels Rockstar Games, 2K Games and Global Star Software; and distributes products in North America through its Jack of All Games subsidiary. Take-Two also manufactures and markets video game accessories in Europe, North America and the Asia Pacific region through its Joytech subsidiary. The Company maintains sales and marketing offices in Cincinnati, New York, Toronto, London, Paris, Munich, Madrid, Vienna, Milan, Sydney, Breda (Netherlands) and Auckland. 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.
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Safe Harbor Statement under the Private Securities 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 important factors are described in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2004 in the section entitled "Risk Factors".
Safe Harbor Statement
Safe Harbor Statement under the Private Securities 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 important factors are described in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2004 in the section entitled "Risk Factors".