Juicy stuff! Investor site Market Rap has gone all-out on Strauss Zelnick, boss of Take-Two, accusing him of lying, irresponsible leadership and pocketing extra cash while at the same time overseeing a decline in the company's share prices.
The piece is worth reading not only because it's highly entertaining, but also because it does a great job of placing the last 18 months of Take-Two's business dealings in context. Remember how last year EA wanted to buy Take-Two? And Zelnick said other companies were also interested?
If you're keeping score, in a two year period, Mr Zelnick managed to, on three occasions, make vital statements that were within a matter of weeks proven to be either fabricated or just incredibly incompetent (or worse). Mr. Zelnick managed to resist and reject a buyout offer that was triple the company's current share price while claiming other interested parties who never emerged. And Mr. Zelnick, meanwhile, tripled his management company's compensation for these efforts because, after all, he does not engage in regrets and does not "take responsibility for the market."
These statements and others strongly suggest that investors should proceed with extreme caution with any investment that involves Strauss Zelnick. His performance so far as an executive manager of a publicly traded company is one of the worst I have ever seen in my professional investment experience.
Granted, not many of you will be Take-Two shareholders, but still, that's not the kind of picture you like to see painted about the guy (and board) responsible for publishing Grand Theft Auto and BioShock.