Take-Two Chairman: GTA is great but we're looking at workforce reduction |
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We're not too certain if the stock increase right after the rather infamous Take-Two Interactive takeover is just an initial reaction from the investors, but it seems that new chairman Strauss Zelnick is doing something they appreciate. With that said, what exactly is Zelnick doing that former CEO Paul Eibeler failed to do?Well, nothing secret or groundbreaking really but Zelnick mentioned that a lot has happened to Take-Two Interactive recently and the new management needs to focus on its stability first.
We need to stabilize the company at the corporate level and give stakeholders, both shareholders and employees, comfort that we will maximize the value of the company. The company has had compliance issues, and we need to work with appropriate regulators and authorities to ensure we maintain our books right.
Just after the takeover, or the revolt if you will, the publisher's regular NASDAQ trading immediately rose by US$ 0.24 ending at US$ 21.10. Last weekend, it closed down 96 cents, or 4.5%, to US$ 20.14. Anyway, the new chairman promised to continue support for the Grand Theft Auto franchise but he did add that they are considering to reduce workforce. According to Zelnick,
We will be candid with people about that. Running the company in an efficient manner is important to us and we think running a lean corporate operation will help shareholders. Having one of the most important franchises in the video game business today creates revenue concentration.
Lastly, going back to stability, Zelnick said that acting CEO Ben Feder will likely remain in his post for around a year or until Take-Two gets its groove back. He promised to look very well into the company's global structure before making any decisions.
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first!!!
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