Take-Two: CEO Feder to stand down from Board

Take-Two's just said that three members of its Board are to be replaced at shareholders' requests, including CEO Ben Feder.

Feder will, however, continue to operate as the firm's CEO.

“I want to express my gratitude to Ben, Grover and John not only for their dedicated service to Take-Two stockholders but also for their very gracious decision not to stand for re-election so that we can facilitate a change in Board composition," said chairman Strauss Zelnick.

Sounds as though there's been some serious politicking here. Carl Icahn, holder of approximately 11.3 percent of Take-Two shares, is one of the shareholders requesting the changes, and has put forward three new nominees to replace the holes left in the company's Board; including one Brett Icahn.

Full details on what sounds like an awkward deal here.