CEO Brian Farrell, President Jason Rubin, and Chief Strategy Officer Jason Kay have each been terminated without cause, according to the government document.
THQ had hoped to remain intact, with President Rubin saying, back in December, that if all went to plan Clearlake Capital Group would purchase the company for $60 million. We can see now that such a thing was merely a pipe dream.
Creditors took some issue with the quick sale and the various terms and convinced a bankruptcy judge to allow for THQ to be broken apart and sold bit by bit, instead of as a whole; ensuring that more money could be acquired.
The THQ auction took place last month, with Sega, Take-Two, Ubisoft, Koch Media, and Crytek all snapping up franchises and studios and getting a piece of the THQ pie.
I’m sure these top executives will find new homes at other game companies and can continue to make the games we love, so don’t feel too sad dear readers!