8-KLeadership ChangesExhibits & Filings

TAKE TWO INTERACTIVE SOFTWARE INC 8-K Report, Executive Changes (Apr 19, 2007)

Filed April 19, 2007For Securities:TTWO

Summary

Take-Two Interactive Software, Inc. announced a significant addition to its Board of Directors with the appointment of Robert A. Bowman, effective April 16, 2007. Mr. Bowman, a seasoned executive with extensive experience as President and CEO of Major League Baseball Advanced Media, L.P., fills a newly created seat, expanding the Board to eight members. His background in interactive media and leadership positions in other public companies, including Blockbuster Inc. and World Wrestling Entertainment, Inc., suggests a valuable strategic contribution to Take-Two. In addition to his board role, Mr. Bowman is slated for appointment to the Audit Committee, a crucial governance body. His compensation for joining the board includes a grant of 6,000 restricted common shares and an option to purchase 25,000 shares at $20.80 per share, with vesting over three years. This move signals the company's commitment to strengthening its leadership and governance as it navigates the dynamic interactive entertainment market.

Key Highlights

  • 1Robert A. Bowman appointed to Take-Two's Board of Directors on April 16, 2007.
  • 2Board size increased from seven to eight members.
  • 3Mr. Bowman brings significant experience as President and CEO of Major League Baseball Advanced Media, L.P.
  • 4He is expected to be appointed to the Audit Committee.
  • 5Mr. Bowman also serves on the boards of Blockbuster Inc. and World Wrestling Entertainment, Inc.
  • 6New director compensation includes 6,000 restricted shares and an option for 25,000 shares at $20.80.
  • 7Restricted shares and options vest in three equal annual installments starting one year from the grant date.

Frequently Asked Questions

Robert A. Bowman is a 52-year-old executive who has served as President and Chief Executive Officer of Major League Baseball Advanced Media, L.P. since 2000. He also holds board positions at Blockbuster Inc., World Wrestling Entertainment, Inc., and The Warnaco Group, Inc., and is President of the Michigan Education Trust.

The size of the Board of Directors was increased from seven to eight members to accommodate the appointment of Robert A. Bowman, as previously disclosed in an earlier 8-K filing on April 13, 2007.

In accordance with the company's director compensation policy, Mr. Bowman received a grant of 6,000 shares of restricted common stock and an option to purchase 25,000 shares of common stock at an exercise price of $20.80. Both the restricted stock and the option vest in three equal annual installments, beginning on the first anniversary of the grant date.

Yes, the company expects Mr. Bowman to be appointed to the Audit Committee at a later date, indicating his involvement in the company's financial reporting and oversight.