Summary
This Form 8-K filing by Take-Two Interactive Software, Inc. (TTWO) on January 6, 2006, primarily reports on a material change in executive personnel. Specifically, Gary Lewis, the Global Chief Operating Officer, has relinquished his COO role, effective January 3, 2006, to return to his former position within the company's UK subsidiary, Take 2 Interactive Software Europe Limited. While Mr. Lewis is transitioning back to a role at Take 2 Europe, he will be operating under an interim employment agreement. This agreement outlines his compensation, including an annual salary in pound sterling and the equivalent of $100,000, along with benefits such as pension and a car allowance. The filing indicates that he will not receive new stock options during this interim period and his title and responsibilities will be modified. Investors should note this change in a key executive position and its implications for operational leadership.
Key Highlights
- 1Gary Lewis has stepped down as Global Chief Operating Officer of Take-Two Interactive Software, Inc., effective January 3, 2006.
- 2Mr. Lewis will return to a position at Take 2 Interactive Software Europe Limited, a wholly-owned subsidiary in the UK.
- 3An interim employment agreement has been established for Mr. Lewis's role at Take 2 Europe.
- 4Under the interim agreement, Mr. Lewis will receive an annual salary of 180,000 pound sterling plus the pound sterling equivalent of $100,000.
- 5Mr. Lewis is entitled to benefits including pension and a car allowance.
- 6He will not receive any new stock options during the interim employment period.
- 7The filing indicates modifications to his new title and duties.