Take-Two Board Shake Up at Behest of Icahn

January 21, 2010 -

Investor Carl Icahn, who now owns over 11.0 percent of Take-Two, has triggered a shakeup of the publisher’s board.

Directors Ben Feder, Grover Brown and John Levy will not stand for re-election to the board, though Feder will retain his position as CEO reports GamesIndustry.biz. Icahn has nominated a trio of new personnel to ascend to the board—SungHwan Cho, Brett Icahn (Carl’s son) and James Nelson.

Icahn has agreed to back Take-Two’s five nominees for the board. Additionally, if his three nominees are elected and his ownership in the publisher drops below 5.0 percent, the” Icahn three” will resign their positions.

Analyst Michael Pachter called the board reshuffling a good move:

It is healthy to have an all-outside board of directors. Replacing the others with three selected by Icahn should provide a level of healthy scepticism about business as usual, and should serve to help the company make better decisions.


Comments

Re: Take-Two Board Shake Up at Behest of Icahn

CEOs should get more than 10X the lowest paid woker of the company...er..wait more like 5X......


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Re: Take-Two Board Shake Up at Behest of Icahn

I think they arew already getting paid more that 10x the lowest paid worker.

Considering the lowest paid employee is probably a part time janitorial worker making 30K a year, that would mean the lowest paycheck for a CEO would have to be in the 300K range. Most 7 figure CEO paychecks fit that criteria.

Unless you meant to say "no more than" then they do not fit.

E. Zachary Knight
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