BusinessCompany NewsGrand Theft Auto CFO vacates driving seat

Grand Theft Auto CFO vacates driving seat

Karl Winters, financial boss of computer game maker Take-Two, vacates the financial driving seat after turbulent period

Karl Winters has announced his resignation as chief financial officer of
Take-Two, the
computer game publisher responsible for the popular Grand Theft Auto series.

The Nasdaq-quoted
corporate has been plagued by problems recently, including a guilty plea by its
former CEO, Ryan Brant, to falsifying financial records in the backdating of
stock options, earning himself a $7.3m (£3.7m) fine. Last week, Take-Two also
disclosed that it was under formal investigation by the
Securities and Exchange
Commission
for its accounting of option grants.

Commenting on Winters’ resignation, the company said: ‘Take-Two announced the
resignation of Karl Winters, chief financial officer, effective immediately.
Lainie Goldstein, who currently serves as the company’s senior vice president of
finance, has been named interim CFO until a permanent replacement is named. The
company is working with Mr Winters to ensure an orderly and effective
transition.’

Less than two weeks after commandeering Take-Two Interactive Software Inc. in
a boardroom coup led by new chief exec Ben Feder, the video game publisher’s new
management team presented investors with a 100-day turnaround strategy
yesterday. 

Feder said: ‘We have been welcomed by the extremely talented and hard working
Take-Two corporate staff. We are impressed with Lainie and are confident that
her financial acumen and knowledge of Take-Two’s business will greatly assist us
during this transition.’

Take-Two said it still expects its 2007 revenues to be in the region of
$1.2bn to $1.25bn, and is on track to release another game in its popular Grand
Theft Auto series.

Further reading:

Rosemary Thorne to quit Ladbrokes group FD
role

Record turnover of finance chiefs predicted
in US

Citigroup appoints new CFO

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