Overview

• Two Tencent-appointed directors, Ben Feder and David Wallerstein, stepped down from Epic Games' board after U.S. Justice Department scrutiny.
• The resignations were prompted by concerns that their roles violated Section 8 of the Clayton Act, which prohibits directors from serving on competing companies' boards.
• Tencent, a minority stakeholder in Epic Games and parent company of rival Riot Games, has amended its shareholder agreement to relinquish its right to appoint directors to Epic's board in the future.
• The Justice Department emphasized its ongoing focus on enforcing antitrust laws, particularly around interlocking directorates in competitive industries.
• Epic Games confirmed plans to replace the departing directors with independent board members nominated by shareholder committees.