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Human Capital & Careers

Take-Two Details Ex-CFO’s Severance

Two weeks ago, dissident shareholders drove out five directors at the company best-known for ''Grand Theft Auto.''

Stephen Taub
April 16, 2007 | CFO.com | US
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Take-Two Interactive Software has detailed the severance payment for Karl Winters, who resigned last week as chief financial officer.

Winters will serve as a consultant to the company, best-known for the “Grand Theft Auto” series of video games, for three months at $25,000 per month. In addition, for 18 months he will continue to receive his current base salary of $405,000 per year; his target bonus, which is 50 percent of his base salary; and health benefits.

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The company also stated that any vesting requirements regarding options or restricted stock granted to him prior to his termination will be deemed satisfied.

Winters hit the off-ramp less than two weeks after dissident shareholders unseated five directors at Take-Two’s annual meeting. The dissidents had previously issued a statement saying that they planned to replace chief executive officer Paul Eibeler and “review the performance” of Winters. Eibeler was fired by the new board immediately after the annual meeting; Winters didn’t wait for a pink slip.

Senior vice president of finance Lainie Goldstein was named interim CFO while the company searches for a permanent successor to Winters.

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