Take-Two announced today that three of its Board executives will be standing down at the shareholders’ requests. CEO Ben Feder and directors Grover Brown, Esq. and John Levy are to be replaced by three new board members as appointed by the shareholders. That said, Feder will continue to act as the company’s CEO.
“I want to express my gratitude to Ben, Grover and John not only for their dedicated service to Take-Two stockholders but also for their very gracious decision not to stand for re-election so that we can facilitate a change in Board composition,” stated chairman Strauss Zelnick.
It’s important to point out, however, that Carl Icahn, who holds roughly 11.3% of T2’s shares, was one of the shareholders requesting the change. Among Icahn’s nominees for Board replacements was his son Brett Icahn.
However, Zelnick added, “It’s important to note that Mr. Icahn did not request that these directors in particular step down; they were willing to continue in their role but agreed not to stand for re-election in keeping with their commitment to the Company and desire to put the best interests of stockholders first, as they have done throughout their tenure on the Board.”