THQ Lays Off 240 People, CEO To Receive 50% Pay Cut
Yes, it’s official, THQ is in very bad territory now. We first reported that THQ being de-listed on the Nasdaq stock exchange, and the follow up to that was Kevin Dent publicly revealing that the publisher was letting 170 people go – but as it turns out, he was wrong. It’s not 170 people, it’s 240 people and not only that, even CEO Brian Farrell is even taking a pay cut.
The layoffs and salary cut were done in part of a restructuring to try and save the company. The news comes from an SEC filing that states that the job cuts are from the sales and administrative teams.
Also worth mentioning is THQ big boss, Brian Farrell taking a 50 percent pay cut. The CEO will only earn $359,250 as his base pay for this year compared to $718,500 from last year. His new pay period will start this coming February 13.Severance payments will cost THQ a total of $8 million dollars.
Can this be a new start for THQ? Let’s just hope their latest releases help put some money back in THQ’s piggy-bank.