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|Take-Two Interactive Software, Inc. Names Jeffrey C. Lapin as Chief Executive Officer|
NEW YORK--(BUSINESS WIRE)--Nov. 22, 2002--
Kelly Sumner to Become President of the Company's Gathering
of Developers Global PC Publishing Unit
Take-Two Interactive Software, Inc. (NASDAQ:TTWO) announced today that Jeffrey C. Lapin will become the Company's Chief Executive Officer effective January 2, 2003, and that Mr. Lapin will join the Company's Board of Directors effective immediately. Mr. Lapin is an experienced interactive entertainment industry executive and was previously Vice Chairman, Chief Operating Officer and a Director of THQ, Inc. (NASDAQ: THQI).
Mr. Lapin joined THQ as Vice Chairman in 1999, was appointed Chief Operating Officer in August 2000 and served as a Director since 1995. Before joining THQ, Mr. Lapin was President of House of Blues Hospitality. Prior to that time, Mr. Lapin held several senior management positions, including President and Chief Executive Officer of Starwood Lodging Trust (now Starwood Hotels & Resorts Worldwide), a New York Stock Exchange listed company, and its various predecessor companies. Mr. Lapin began his career as an attorney at Mitchell, Silberberg & Knupp in Los Angeles. He holds a Bachelor's degree in Economics from the University of California, Los Angeles and a JD from Loyola Law School. Mr. Lapin serves as a member of the Boards of several charitable organizations.
Ryan Brant, Chairman, commented, "I am confident I speak for everyone at Take-Two when I say that we are thrilled to begin the next phase of our Company's growth with Jeffrey Lapin at our helm. Jeff's industry and leadership experience is perfectly suited to taking Take-Two to a new level during a very opportune time for both Take-Two and our industry."
Paul Eibeler, President, added, "As we continue to build our publishing brands and further expand our business, Jeff's wealth of product development, business development and licensing expertise will bring additional strengths to what is already an established and capable management team."
Jeffrey Lapin said, "I'm very pleased to have the opportunity to lead Take-Two at such an exciting time. The Company's Rockstar Games division has established itself as a pioneering and innovative publishing label with an impressive portfolio of proprietary intellectual properties and extensive pipeline of products in development. This combined with the continued growth potential of Take Two's Gathering of Developers and Gotham Games divisions, and its well-established Jack of All Games distribution business, makes the Company uniquely positioned to continue to thrive in the entertainment software industry. I look forward to working with Take Two's management team to further the Company's growth and success."
Also effective January 2, 2003, Take-Two's current Chief Executive Officer, Mr. Kelly Sumner, will become President of the Company's global PC publishing unit, Gathering of Developers, which includes the Company's Global Star value PC publishing business. Mr. Sumner, who from 1997 to 2000 was President of the Company's international subsidiary, Take-Two Interactive Software Europe, Ltd., will lead Gathering from the Company's headquarters in New York.
Mr. Brant added, "Over the past two years Kelly has successfully transitioned Take-Two from a small video game publishing and distribution company to an industry leader with world-class products and a solid financial position. Kelly's appointment to head Gathering of Developers represents our strategic commitment to have our PC publishing business match the unparalleled performance of our console business. In order to continue the impressive growth that Take-Two has realized, it is essential that we have strong leadership behind each of our four key operating units, our publishing divisions: Rockstar Games; Gathering of Developers; and Gotham Games, and our distribution business: Jack of All Games. Kelly's vision, drive and wealth of experience are perfectly suited to lead the further aggressive expansion of Gathering of Developers."
Kelly Sumner, stated, "I would like to welcome Jeff to the Company and look forward to working closely with him in my new role. Jeff brings with him not only industry knowledge but also a vast amount of senior management experience. During the past year we have significantly strengthened our senior management team with the addition of finance, creative, operations and information technology executives, along with the expansion of our board of directors. I have great confidence that we have a team in place that will continue to maximize shareholder value."
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is an integrated global developer, marketer, distributor, and publisher of interactive entertainment software games and accessories for the PC, PlayStation(r), PlayStation(r)2, Xbox(tm), Nintendo GameCube(tm) and Nintendo Game Boy Advance. The Company publishes and develops products through its wholly owned subsidiary labels: Rockstar Games, Gotham Games, Gathering of Developers, Joytech and Global Star. The Company maintains sales and marketing offices in Cincinnati, New York, Toronto, London, Paris, Munich, Vienna, Copenhagen, Milan, Sydney, Amsterdam and Auckland. Take-Two's common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at www.take2games.com.
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Safe Harbor Statement under the Private Securities Reform Act of 1995: The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws. Such forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to them. The Company has no obligation to update such forward-looking statements. Actual results may vary significantly from these forward-looking statements based on a variety of factors. These important factors are described in the Company's Annual Report on Form 10-K, as amended, for the fiscal year ended October 31, 2001 and on Form 10-Q for the quarter ended July 31, 2002. Actual operating results may vary significantly from such forward-looking statements.