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Take-Two Interactive Shakeup

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Take-Two Interactive Shakeup

Take-Two Interactive Software Inc. announced today that Jeffrey C. Lapin has stepped down from the post of company CEO and director. The company has offered no reason for the resignation, but reports that Richard W. Roedel has been named exec chairman and interim CEO and Paul Eibeler has been appointed president and director. Eibeler previously served as president and director from December 2000 to June 2003.

In addition, Gary Lewis has been named global chief operating officer of the company. Lewis, who will relocate to the company’s headquarters in New York City, had been Take-Two’s Int’l managing director since February 2001, and has served in various senior management positions at the company since 1997. Trevor Drinkwater, who joined Take-Two in November 2003 as COO, will continue to be responsible for North American sales and operations.

Take-Two also announced today that it is reducing its financial guidance for the second quarter ending April 30, 2004 and the fiscal year ending Oct. 31, 2004. The reduction in second quarter guidance is due primarily to the shift in the launch dates of Red Dead Revolver from the second quarter to the third quarter. Red Dead Revolver for PlayStation2 and Xbox is now expected to be in North American retail stores the first weekend in May and is scheduled to hit shelves in Europe on May 28.

The company is also moving the launch date of The Warriors for PlayStation2 from the third quarter of 2004 to the first quarter of 2005. Rockstar Games believes that this shift will benefit the product and will allow additional resources to be devoted to Grand Theft Auto: San Andreas, scheduled to be in stores in North America on Oct. 19 and in Europe on Oct. 22. Rockstar plans to begin previewing Grand Theft Auto: San Andreas to key retailers and industry trade publications in June.

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