Friday, March 30, 2007
A shareholder group led by Oppenheimer Funds voted in five (or 6, depending on whose account you read) new directors at the annual meeting of Take-Two yesterday. The new board then met and fired the CEO. Take-Two has been unprofitable and in the midst of a back-dating options scandal. Its previous CEO pled guilty last month on charges related to back-dating. See NYTimes, Stockholders Oust Chief at Take-Two ; WSJ, Take-Two Holders Succeed in Board Coup.