Take-Two Takes Out CEO

Shareholders of video-game publisher Take-Two(TTWO Quote) voted to oust current CEO Paul Eibeler late Thursday and give control of the board of the directors to a group of hedge funds and mutual funds that had initiated activist action against the company.

The group of shareholders consisting of Oppenheimer Funds, S.A.C. Capital Management, Tudor Investment, D.E. Shaw Valence Portfolios and ZelnickMedia had filed with the SEC on March 7 their intention to force out existing management at Take-Two. Collectively, the group owns about 46% of the company.

At the annual meeting held late Thursday, shareholders voted in favor of the slate of board members proposed by the activist group, rejecting the company's nominees. ...