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D-Day approaching for Take Two board?

According to online site Spong, Take Two Interactive could be replaced by a powerful union of American investment organisations and its own investors on March 23rd.

Reuters reports: ‘Several Take-Two Interactive Software Inc investors have pooled their stakes in the video game company to vote for a slate of director candidates at its upcoming annual meeting, according to a regulatory filing on Wednesday.

‘The group also said it would ask for the power to replace the current chief executive and to review the chief financial officer.

‘Among the nominees are former BMG Entertainment CEO Strauss Zelnick and former (Rupert Murdoch-owned) News Corp executive Benjamin Feder.
   
‘The group also plans to vote that Take-Two approve a management agreement with ZelnickMedia, which includes Zelnick, and Feder.

‘Zelnick also plans to ask the board to give him the power to replace Take-Two CEO Paul Eibeler and review the employment status of CFO Karl Winters, the filing said.’

The news comes during a tumultuous period for the company, which has seen its former CEO, Ryan A. Brant, plead guilty to criminal charges regarding the backdating of stock options.

A representative for Take Two in the United Kingdom was unable to comment on what these high-powered corporate shenanigans might mean for future developments when Spong the company this afternoon.

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Tags: Take 2 , financial , boardroom

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