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Take-Two CEO to Step Down

Take-Two Interactive's chairman, Strauss Zelnick, is appointed to the position.
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Take-Two story has been updated to include a clarification regarding the relationship between activist investor Carl Icahn and the company.

NEW YORK (

TheStreet

) --

Take-Two

(TTWO) - Get Take-Two Interactive Software, Inc. Report

, the video game publisher best known for the

Grand Theft Auto

franchise, announced Friday that CEO Ben Feder is stepping down from the company at the end of the year.

Take-Two executive chairman Strauss Zelnick will replace Feder, who has served as a board member and CEO since 2007. The company also named executive vice president Karl Slatoff as chief operating officer.

Feder says he plans to travel with his family in Asia.

Feder's departure comes following a challenging couple of years for the company. In its most recent quarterly earnings report, Take-Two swung to a profit for just the second time in eight quarters, thanks to sales of its

Red Dead Redemption

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title. The company's stock has dropped more than 9.5% in the last year.

Carl Icahn

has taken an activist role in Take-Two. He now owns around 14% of the company.

Some analysts believe that Icahn would like to see the company sell itself, after Take-Two rejected a $2 billion offer from

Electronic Arts

(ERTS)

in 2008. Take-Two's market cap now hovers around $890 million.

Shares of Take-Two were up almost 4% to $10.59 in afternoon trading Friday.

--Written by Olivia Oran in New York.

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