THQ confirms 240 job cuts, CEO salary halved

By Brenna Hillier, Wednesday, 1 February 2012 23:21 GMT

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.

Thanks, Gamasutra.

Sometimes we include links to online retail stores. If you click on one and make a purchase we may receive a small commission. For more information, go here.



Brian Farrell

  • THQ files standard FORM 8-K with SEC noting dissolution of executive staff

    THQ filed its FORM 8-K with the SEC, announcing the departure of its officers and executives – which is the last notice we’ll probably very get in the mail from THQ. Filed on January 30, the form reads: “THQ Inc. terminated the employment of Brian J. Farrell as chief executive officer of the Company, Jason […]

  • THQ sale: Rubin & Farrell reflect on company's closure

    THQ’s properties were sold off at auction last night. The 22-hour process saw the remains of the company carved up and sold off to buyers. Sega bought Relic, Ubisoft bought South Park and more. Check out Steph’s in-depth report on the matter here. This morning former THQ president Jason Rubin and boss Brian Farrell have […]