Publisher Take-Two Interactive has announced that one of its founders, Ryan Brant, is to resign as chairman and director in order to focus on the publishing business, and will be replaced by financial expert Richard Roedel.
Brant, who founded Take-Two in 1993, will be stepping into a role as vice president of publishing, which will give him more hands-on involvement in the development of the company's game portfolio.
"Take-Two's continued success was paramount in my decision," he commented yesterday. "I am passionate about our business and deeply committed to the company. I believe this is the right time to make a management transition to position Take-Two for the future. My new role will allow me to focus on all aspects of our publishing and product development efforts."
Stepping up into the role of non-executive chairman is Richard Roedel, a certified public accountant and qualified financial expert who has been a director of Take-Two and chairman of the audit committee since late 2002.
The appointment of a financial expert like Roedel may be a move to finally put a lid on the finance and accounting compliance problems which have dogged the company for some time. Last month Take-Two restated quarterly results going back several years to allow for new accounting practices, in a move which was interpreted as the first sign of white smoke from the ongoing investigation of the company by the Securities and Exchange Commission. However, Wells Notices - indicating that the SEC is planning civil actions - are still hanging over a number of its top executives.