Take-Two Announces Board of Director Changes

[Ginger_Ale]

Take-Two, publisher of the Civilization franchise and parent company of Firaxis, recently announced the shakeup of three seats on their board of directors. Reuters reported that billionaire investor Carl Icahn, who owns an 11.3% stake in the company, used his influence to nominate the new directors, one of whom is his son Brett.

One of the notable directors stepping down is Take-Two's CEO Ben Feder, though he will continue to work for the company in his current role. Reuters also noted that roughly three years ago, Chairman Strauss Zelnick attained his position after a similar ousting.

According to Zelnick, "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."

>> Read the Take-Two press release

 

[Thorn]

... investor Carl Icahn, who owns an 11.3% stake in the company, used his influence to nominate the new directors, one of whom is his son Brett.

Oh, dear. Let's hope the Ichan's have at least heard of Civilization lest we get a 'reboot' RTS Civ.

 

[Acidrain]

I hope they don't up the games.

 

[cephalo]

I think something needed to be done. There's no excuse for company who makes popular games to be unprofitable.

 

[Commissar_Yari]

I don't give a crap about profit, as long as the games are good.

 

[whb]

Because clearly the best way to make a company profitable is to make "nepotism" your executive employment strategy.

Honestly, this is pretty much the mechanism by which the current corporate governance rules lose any idea of a meritocracy: a wealthy minority shareholder can put his darling son into a high-paid board level job (no having to make his own way up the career ladder for dear little Brettykins), 89% paid for by the other shareholders, ensuring the heredity of the executive class at little cost to themselves. If this were a pubic appointment -- or anything below board level -- the words "conflict of interest" would be flashing in neon lights all over it.

 

[cephalo]

Because clearly the best way to make a company profitable is to make "nepotism" your executive employment strategy.

Honestly, this is pretty much the mechanism by which the current corporate governance rules lose any idea of a meritocracy: a wealthy minority shareholder can put his darling son into a high-paid board level job (no having to make his own way up the career ladder for dear little Brettykins), 89% paid for by the other shareholders, ensuring the heredity of the executive class at little cost to themselves. If this were a pubic appointment -- or anything below board level -- the words "conflict of interest" would be flashing in neon lights all over it.

I totally agree, but there is no reason why Take-Two should be unprofitable. Where is the money going?

 

[Commissar_Yari]

Carl Icahn is famous for buying up stock in companies en masse, changing the board of directors to those who will do what he wants them to do, and then changing the direction of the company.

 

[CHEESE!]

I guess only one thing to say to above: AAARGH!