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Take-Two chair out of top spot amid probe

Cyberbiz Brief

Vidgame publisher Take-Two Interactive’s chairman Ryan Brant has ankled amid an ongoing SEC probe.

Company, which has published the two hit “Grand Theft Auto” games and has a third in the works, has been the target of an SEC investigation since early 2002 for matters related to its financial reporting and accounting controls. This past December, the SEC said it may bring civil action against Brant and three other current and former Take-Two employees as part of its investigation.

Although he’s stepping down from the board of directors, Brant will remain with the company as VP of publishing, a new position in which he’ll focus on internal game development. He’s being replaced in the top spot by Richard Roedel, who is already on Take-Two’s board and was previously chairman of the audit committee, a clear signal by the company it’s looking to avoid any future financial impropriety.

Shares in Take-Two rose nearly 7% Tuesday, closing at $34.14.

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