It’s a Take-Two coup

Here’s a not so friendly reminder that game companies are serious, big money corporations and not just a few dudes making fun and games (yeah, me so funny). Late this past week shareholders tossed out most of Take-Two Interactive Software Inc.’s governing board. The takeover took place at a shareholder meeting in New York on Thursday, March 29, 2007.

Take-Two’s stocks have been dipping for a while, losing close to $185 million since last year, most likely due to the scandals (the CEO pleaded guilty to backdating stock options), bad publicity from politicians protesting specific games and the company spreading itself a bit thin. The company’s stock, which had increases about 13 percent during the last year, dipped a bit after the coup, with the Sydney Morning Star attributing the decrease to the new directors’ lack of a plan for turning around the company.

The ousting has been in the plans for about a month. The six new directors include Strauss Zelnick as Chairman (founder of ZelnickMedia) and Benjamin Feder as the Acting Chief Executive (replacing former CEO Paul Eibeler). The board was also increased of seven from six to reappoint one ousted member, Grover Brow, as a director.

Read [Sydney Morning Herald]