Take-Two Chairman Resigns

Officials from Take-Two have announced that the company’s founder Ryan Brant has resigned as chairman and director. The company named Richard Roedel, a company director and chairman of its audit committee, as non-executive chairman to replace Brant, and as a result its shares rose more than 7%. Brant will remain with the company however, becoming vice president of publishing and working with the heads of its various divisions. In December, the company, Brant, another current employee and two former officers received "Wells notices" from the U.S. Securities and Exchange Commission indicating that SEC staff intended to recommend civil charges against them. Brant himself has faced repeated calls from Banc of America Securities analyst Gary Cooper to resign in recent months, although it is not clear whether this has had any effect on his decision to go. Source: Reuters