Bully was among Take Two's controversial games
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Shareholders in the publisher of computer game Grand Theft Auto have ousted five board members, including the chief executive.
Take-Two Interactive Software has been under fire for a string of financial irregularities and controversial games.
The shake up has seen former News Corp executive Ben Feder be appointed as chief executive to replace the previous head, Paul Eibeler.
Ex-BMG boss Strauss Zelnick has been made non-executive chairman.
Revitalise
The company has been mired in controversy for a string of financial irregularities - from overstated profits to illegally backdated stock options.
And many shops withdrew Grand Theft Auto: San Andreas after undisclosed explicit sex scenes were included.
The graphic images could be accessed using a software patch created by a fan of the game.
Another game, Bully - released in the UK under the title Canis Canem Edit - was criticised for its portrayal of school-based violence, though a US judge rejected attempts to ban it.
Mr Zelnick said the new board planned "to put in place strategies designed to revitalise Take Two".
It would focus on boosting profit margins and "supporting and enhancing" creative output, he said.
Mr Feder said that the new directors would work closely with Mr Eibeler to ensure a smooth transition.
Last month, former Take-Two chief executive Ryan Brant was the first top boss to be convicted of backdating stock options to increase their worth.