Thu, Feb 02, 2012 | 10:00 GMT
THQ confirms 240 job cuts, CEO salary halved
Financially troubled publisher THQ has come clean on the staff cuts resulting from its restructuring, revealing even greater carnage than rumours suggested.
In a regulatory filing, THQ revealed it will make “up to 240″ redundancies before September, with the majority to be completed by the end of March.
As previously reported, the cuts will not affect development staff, and THQ expects to shoulder $8 million in severance pay outs.
Industry talk suggests some staff have already been given their marching orders; IGN reports 14 cuts have been made at THQ Australia – around half of all staff. Our thoughts and best wishes go out to all affected.
Those at the top are taking a hit, too; president and CEO Brian Farrell has accepted a 50% cut to his salary for the year beginning February 13, down from $718,500 to $359,250. Farrell’s new contract requires that his salary return to full strength in February 2013, and may not decrease after that time.
THQ’s financial situation is so perilous it is on the verge of being delisted from NASDAQ; the timing of this filing, just one day before the company’s regular quarterly report, suggests may be an attempt to stave off that threat. The publisher also announced last week that it would exit development of children’s games.