Summary
Take-Two Interactive Software, Inc. (TTWO) announced an expansion of its Board of Directors, increasing the number of directors from eight to ten. This strategic move is directly tied to the previously announced merger agreement with Zynga Inc. The increase in board size and the appointment of two new directors, Ellen Siminoff and William “Bing” Gordon, are contingent upon the successful closing of this combination, which is anticipated to occur on May 23, 2022. Ms. Siminoff and Mr. Gordon are being appointed to represent Zynga's interests on the Take-Two board, as stipulated by the merger agreement. Both appointees bring extensive experience in technology, media, and venture capital. Ms. Siminoff has a strong background in educational publishing, search engine marketing (having led Efficient Frontier through its acquisition by Adobe), and early roles at Yahoo!. Mr. Gordon is a co-founder of Electronic Arts and a partner at Kleiner Perkins, with significant board experience including Amazon and Audible. Their appointments aim to leverage their expertise as Take-Two integrates Zynga and continues its growth strategy.
Key Highlights
- 1Take-Two is increasing its Board of Directors from eight to ten members.
- 2The appointments of Ellen Siminoff and William “Bing” Gordon are effective upon the closing of the Zynga acquisition.
- 3Ms. Siminoff and Mr. Gordon are nominated by Zynga and bring deep industry experience in technology, media, and venture capital.
- 4Ms. Siminoff's background includes leadership roles at Shmoop University, Efficient Frontier (sold to Adobe), and Yahoo!.
- 5Mr. Gordon is a co-founder of Electronic Arts (EA) and a partner at venture capital firm Kleiner Perkins.
- 6New directors will receive an annual compensation package of $65,000 cash and $225,000 in Take-Two restricted stock, vesting over one year.
- 7The closing of the Zynga acquisition is expected on May 23, 2022, subject to stockholder approvals and customary conditions.