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How Does Take-Two (TTWO) CEO Ben Feder Keep His Job?
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Shares of Take-Two (TTWO) Interactive fell 14% after hours as the company cuts its forecasts of earnings and sales for its fiscal 2009. The major reason for the change was the delay of the launch of the BioShock 2 game from the fourth quarter of fiscal 2009 to fiscal 2010.
This is one in a long series of failures by the management of Take-Two which is headed by CEO Ben Feder. The shares are down almost 60% since he joined the company, and has not only turned down a generous buyout offer from Electronic Arts (ERTS), but has also missed forecasts on more than one occasion.
Douglas A. McIntyre
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