Board of six is approved to take over control of company at shareholders' meeting; one more director added to board by new members.
Take-Two announced the results of the shareholders' vote, and all six newly nominated board of director candidates were approved. Taking on the role of chairman will be Zelnick, former CEO of BMG Entertainment and Crystal Dynamics.
Grover C. Brown, who was an independent director, was also elected to the board of directors in a meeting following the shareholders meeting, bringing the total number of members of the new board of directors to seven.
Those expecting some sort of flare up at the meeting likely left disappointed. The event went without a hitch and lasted less than 20 minutes. No shareholders chose to participate in the question-and-answer session.
Take-Two's management has suffered a number of high-profile setbacks in recent years. The most notorious misstep was the inclusion of hidden sexually themed minigames in its best-selling game Grand Theft Auto: San Andreas. The company then got into more hot water when it was found that employees had received improperly backdated stock options.
Take-Two stock was up $0.24 to $21.10 on the day, a change of just over 1 percent.