Risk & Compliance

Take-Two’s CFO Resigns Amid Investor Ire

Less than two weeks after a board shake-up, the finance chief of video game maker Take-Two calls it quits.
Stephen TaubApril 10, 2007

Take-Two Interactive Software announced that Chief Financial Officer Karl Winters resigned, effective immediately. Lainie Goldstein, who currently serves as senior vice president of finance, was named interim CFO until a permanent replacement is named. The company said a search for a permanent CFO is underway.

Winters’ departure, which came 10 days after dissident investors unseated five directors directors who were nominated by the former management, is hardly surprising. When the investors teamed up to nominate their own candidates for the board, they 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 apparently beat the new board to the punch.

“Karl oversaw finance at Take-Two during challenging times for the [c]ompany,” said Ben Feder, Take-Two’s interim CEO, in a statement. “We thank Karl for his years of service to Take-Two. He was instrumental in assembling a highly competent financial team that will serve us well in the future.”

Goldstein has more than 15 years of financial and business experience in the software, entertainment, retail and apparel industries, including more than eight years overseeing the finance function of publicly traded companies. She joined Take-Two in November 2003 after seven years with Nautica Enterprises, where she served as vice president, Finance and Business Development. Goldstein also held positions in the audit and reorganization departments at Grant Thornton.

4 Powerful Communication Strategies for Your Next Board Meeting