Major layoffs at THQ, President takes pay cut2 Feb 2012
Chaotic times at THQ, as the company confirms major job losses in a filing to the US Securities and Exchange Commission (SEC). The disclosure form to the SEC states that due to the company’s planned ‘restructuring’, there will be “reductions of up to 240 selling, general, and administrative personnel worldwide”.
In a somewhat unusual gesture, the President and CEO of THQ, Brian Farrell, has taken a pay cut of 50 percent (from $718,500 to $359,250). However, this will only be for a one-year period.
The cuts and layoffs will largely take place in the two month period leading to 31 March, with other staggered changes lasting until September. It had previously been revealed that THQ is currently under threat of having its from the Nasdaq.
Yesterday, a twitter post from games veteran Kevin Dent suggested that one of those to lose his job at THQ would be Vice President of Technology, Mark DeLoura.
The full extent of THQ’s financial woes may well be revealed tomorrow during a scheduled third quarter results conference call for investors.