Take-Two Interactive announced today that its CEO, Ben Feder, has decided to step down from the position "in order to pursue plans to travel in Asia with his family for an extended period." He will, however, remain a partner in ZelnickMedia. Taking over for Feder will be Chairman Strauss Zelnick, who will serve in both capacities. The management transition becomes official on January 1, 2011.
Additionally, Karl Slatoff, an Executive Vice President of Take-Two since 2008, has been named to the newly created role of Chief Operating Officer; this move is effective as of October 25, 2010. Slatoff is a partner in ZelnickMedia and previously worked with BMG Entertainment and The Walt Disney Company.
Feder said that he would work with Zelnick, Slatoff and the rest of the Take-Two management team "to ensure an orderly transition."
"I am proud of our team for transforming Take-Two into a more profitable, more diversified and growth-oriented company," Feder stated. "As a result of the team's efforts, the Company today is in the strongest financial and operational condition in its history. 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."
"The Board of Directors and I want to thank Ben Feder for his leadership, which has been a major element in the tremendous progress of Take-Two over a period of nearly four years. Our success also has been a team effort, built on the strengths, talents and dedication of many professionals. One of those professionals, Karl Slatoff, will be taking on expanded responsibilities as COO, and will work closely with me to ensure that the Company remains sharply focused on achieving our strategic goals. I have every confidence that this team will continue to deliver on the tremendous potential of Take-Two in the coming months," said Zelnick.
