Take-Two chief executive exits, to be replaced by chairman Strauss Zelnick
Video game publisher Take-Two Interactive unveiled a surprise switch in its executive ranks Friday, as chief executive Ben Feder announced he will step down at the end of the year.
Executive chairman Strauss Zelnick, who has helped Feder run the company and been its public face since their management company ZelnickMedia took over in 2007, will become CEO when Feder departs.
The move comes as Take-Two's financial performance has improved significantly, thanks in large part to the hit Western video game Red Dead Redemption. Take-Two has told investors it will make a profit for the fiscal year ending Oct. 31, the first time in nearly a decade it has done that during a year in which it didn't have a new Grand Theft Auto game to boost revenues.
Feder said he plans to travel in Asia with his family. "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," he said in a statement.
-- Ben Fritz