TAKE-TWO INTERACTIVE SOFTWARE, INC. (NASDAQ:TTWO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
Appointment of New Director
On March 17, 2017, the Board of Directors (the Board) of Take-Two
Interactive Software, Inc. (the Company), upon the recommendation
of the Corporate Governance Committee of the Board, increased the
number of directors constituting the whole Board from six to
seven directors and appointed LaVerne Srinivasan to serve as a
member of the Board, filling the vacancy on the Board resulting
from such increase. Ms. Srinivasan will stand for election by a
vote of the stockholders at the Companys 2017 annual meeting of
stockholders. The Board has determined that Ms. Srinivasan meets
the independence requirements of the Securities and Exchange
Commission and the NASDAQ Stock Market Rules and has appointed
her to the Corporate Governance Committee of the Board. Ms.
Srinivasan is not a party to, and does not have any direct or
indirect material interest in, any transaction with the Company
required to be disclosed under Item 404(a) of Regulation S-K.
Ms. Srinivasan is Vice President of the National Program and
Program Director for Education at Carnegie Corporation of New
York, employing creative strategies and innovative thinking to
strengthen urban education. Ms. Srinivasan oversees grant making
and other activities aimed at engaging parents and communities,
improving teaching and leadership for learning, advancing
innovative learning environment designs, providing K-12 pathways
to college and career success, and fostering integrated
approaches to innovation and learning in the field of education.
She has held this position since December 2014 and has been at
the Carnegie Corporation of New York since March 2014.
Prior to joining the Carnegie Corporation of New York, Ms.
Srinivasan was Co-Founder of Fiero Now, an education technology
company, from August 2012 through March 2014. Prior to founding
Fiero Now, Ms. Srinivasan worked at various educational
technology, urban district change, and non-profit education
reform companies, including Time to Know, Education Champions for
All and New Leaders for New Schools. Ms. Srinivasan also served
as Deputy Chancellor for the New York City Department of
Education from March 2003 through November 2006. In addition, she
served in various roles at BMG Entertainment from 1993 through
February 2003, including as Senior Vice President and General
Counsel.
Ms. Srinivasan serves on the board of Young Audiences New York
and the national advisory board of College Promise Campaign, and
was a founding member of the Consortium for Policy Research in
Educations task force on Strategic Management of Human Capital.
Ms. Srinivasan brings to the Board of Directors strong leadership
skills, extensive experience leveraging technology in the
education and entertainment industries, and deep marketing
expertise from her previous positions.
In connection with her service as a director Ms. Srinivasan will
receive an annual retainer comprised of $60,000 cash and
restricted stock with an aggregate value of $190,000 granted in
four equal quarterly installments, which vest after one year. In
addition, she will receive $10,000 annually for her service on
the Corporate Governance Committee.
Item 9.01 Financial Statements and
Exhibits.
(d) Exhibits:
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Exhibit |
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Description |
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99.1 |
Press Release dated March 22, 2017 announcing the |
About TAKE-TWO INTERACTIVE SOFTWARE, INC. (NASDAQ:TTWO)
Take-Two Interactive Software, Inc. is a developer, publisher and marketer of entertainment for consumers around the world. The Company develops and publishes products through its labels, Rockstar Games and 2K. It operates through publishing segment. It has a portfolio of software content for the hardware platforms in a range of genres, including action, adventure, family/casual, racing, role-playing, shooter, sports and strategy, which it distributes across the world. The Company’s products are designed for console gaming systems, such as PlayStation 3 and PlayStation 4; Xbox 360 and Xbox One, and personal computers, including smartphones and tablets. Rockstar Games is the developer and publisher of Grand Theft Auto, as well as other franchises, including L.A. Noire, Max Payne, Midnight Club and Red Dead. 2K publishes owned and licensed titles across a range of genres. It has internal development studios in Canada, China, Czech Republic, the United Kingdom and the United States. TAKE-TWO INTERACTIVE SOFTWARE, INC. (NASDAQ:TTWO) Recent Trading Information
TAKE-TWO INTERACTIVE SOFTWARE, INC. (NASDAQ:TTWO) closed its last trading session 00.00 at 56.60 with 1,681,874 shares trading hands.