Take-Two Chairmen Strauss Zelnick has taken on an executive role while current CEO Ben Feder received a contract extension.
A shuffling of publisher Take-Two Interactive's executive ranks has reaffirmed the members of ZelnickMedia's position at the helm of the company. Ben Feder, the 44-year-old Chief Executive Officer of Take-Two Interactive, has agreed to a contract obligating him to four more years in his position atop Take-Two until October 31, 2012. Take-Two Chairman Strauss Zelnick, who took over the company as part of a shareholder coup nearly a year ago, will be taking on the role as an Executive Chairman, placing him in a more managerial position within the company. Karl Slatoff, a partner of ZelnickMedia, was named Executive Vice President in charge of general administration and corporate development.
Michael Dornemann, Chairman of the Compensation Committee of the Company's Board of Directors, said, "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."