Grand Theft Auto publisher Take-Two has just announced that three of its board members are to stand down from their current positions, to be replaced at the request of certain stockholders, including Carl Icahn who holds approximately 11.3 percent of the company’s shares.

The three members to be relieved of their positions on the board are CEO Ben Feder, Grover C. Brown, Esq. and John F. Levy, none of whom will stand for re-election. Feder will, however, remain on as CEO of the company.

Replacements will be nominated for election at Take-Two’s annual stockholder meeting this year. Commenting on the swift reaction to his request, Carl Icahn said:

“Take-Two has industry-leading development talent and intellectual property. I’m a firm believer in the long-term potential of the Company, and from a corporate governance point of view I applaud the current board for its responsiveness.”

Chairman of Take-Two, Strauss Zelnick commented:

“I want to express my gratitude to Ben, Grover and John not only for their dedicated service to Take-Two stockholders but also for their very gracious decision not to stand for re-election so that we can facilitate a change in Board composition.

“Advancing our stockholders’ interests is the Board’s guiding principle,” continued Zelnick, “and it’s in that spirit that we’ve undertaken a change in board representation. We have much to accomplish at Take-Two in the year ahead, and we welcome the new directors who each have experience in the entertainment industry and will help us achieve our objectives.”

Source: Yahoo News