Take-Two Interactive CEO Ben Feder is stepping down in order to spend more time with his family.
Four years ago, Take-Two was in trouble. Even though it had a profitable franchise in Grand Theft Auto, the company was dealing with the "Hot Coffee" fiasco, an investigation by the SEC, and massive debt. Ben Feder came on and guided Take-Two through these hard times so that, in 2010, it appears that the company will report profits for the first year that didn't include a major Grand Theft Auto game launch. Feder is resigning from the role, reportedly to travel with his family in Asia, and company chairman Strauss Zelnick will take over as CEO of Take-Two.
"I am proud of our team for transforming Take-Two into a more profitable, more diversified and growth-oriented company," Feder said.
"As a result of the team's efforts, the company today is in the strongest financial and operational condition in its history," said Feder. "Now that the company is in a position of strength and is poised for solid performance in the future, the time is right for me to honor certain commitments that I have made to my family."
Zelnick said that Feder was a big part of Take-Two's "tremendous progress" but he's confident that he'll be able to continue the success that the company has enjoyed. "I have every confidence that this team will continue to deliver on the tremendous potential of Take-Two in the coming months," said Zelnick.
This change will not likely affect us on the consumer level, but it's important to note that Zelnick has been the point of contact on all things Grand Theft Auto-related. Will we see more GTA sequels and content in his tenure as CEO than we did in Feder's?