Take-Two CEO Resigns

Take-Two CEO Ben Feder to step down early next year for personal reasons.

Take-Two Interactive Chief Executive Officer, Ben Feder, will step down from this position early next year. Feder will depart "to travel in Asia with his family for an extended period", according to the company.

"I am proud of our team for transforming Take-Two into a more profitable, more diversified and growth-oriented company," Mr. 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."

Take-Two's Executive Chairman, Strauss Zelnick, will take on certain CEO roles within the company. It was also announced that Executive Vice President Karl Slatoff, who has been with the company since 2008, has been promoted to Chief Operating Officer effective October 25, 2010.

"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 Mr. Zelnick.

The CEO transition will be effective as of January 1st, 2011, the company reports.

Feder will continue to remain a Zelnick Media partner despite his departure from the company. Take-Two subsidiaries include 2K Games and Rockstar Games.