Take-Two announces changes to board of directors

Software publisher Take-Two Interactive has announced a series of changes to its board of directors, including the resignation of audit committee chairwoman Barbara Kaczynski.

Following Kaczynski's departure, which is likely to be as a result of irregularities in the timely and appropriate filing of accounts, existing board member Todd Emmel will serve as acting audit committee chairman. Emmel previously held the position from April to July 2004.

Recently retired chairman of DMX Music, Michael J. Malone, has been appointed to the board, and long-term company director Robert Flug has been appointed as non-executive chairman of the board on an interim basis.

Paul Eibeler, president and CEO, stated: "We are pleased to announce a number of actions that in the aggregate will further strengthen Take-Two's Board of Directors. Michael Malone is an accomplished businessman whose expertise in the entertainment industry will be an asset to our company. We also appreciate the willingness of current Directors Robert Flug and Todd Emmel to assume expanded Board roles on an interim basis."

The company has also confirmed its Q4 and year end results, which had been postponed following a change in inventory management systems and a number of issues relating to the accurate and timely control of its accounts.

The figures, showing fourth quarter revenues of USD 308.2 million, compared to USD 438.0 million for the same period in 2004, match the initial un-audited results which were revealed by the company in January.

In related news, Take-Two confirmed that the New York blaze which damaged the headquarters of subsidiaries 2K Games and Global Star Software is not expected to have any serious effect on the business. Whilst the damage is apparently quite significant, no staff were injured, and all employees have been temporarily re-located in order to maintain normal business operations.