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Two weeks ago, dissident shareholders drove out five directors at the company best-known for ''Grand Theft Auto.''
Stephen Taub, CFO.com | US
April 16, 2007
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.
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.