THQ lets go 240 workers; CEO Brian Farrell takes 50% salary cut
THQ hasn't been doing so hot lately, and the signs have only gotten worse. Today, a U.S. Securities and Exchange Commission filing revealed that a large-scale restructuring plan is about to take place at the publisher.
"The restructuring plan involves a realignment of the organizational structure resulting in reductions of up to 240 selling, general and administrative personnel worldwide," according to the report.
Severance payments to laid-off employees will total at around $8 million. The report also states that the majority of the plan is expected to be in effect by March 31, and that the remainder should be completed by September 30.
Furthermore, it has been revealed that THQ's president and CEO Brian Farrell will take a 50 percent cut to his base salary, taking it down from $718,500 to $359,250. This is only for a year, though, and Farrell's salary will be reviewed next February, "provided that it shall be no lower than $718,500 per year commencing on February 13, 2013."
In order to avoid getting delisted from the NASDAQ stock exchange, THQ has until July 23 to bump its share price over $1 a share for 10 consecutive days at least. At the moment, THQ stock is about 70 cents a share, so we just have to wait to see what the publisher does next.
Source: THQ Investor page
Link: THQ Form 8-K filing
A writer, journalist, and aspiring storyteller, Peter Grimm has been gaming since the days of the Nintendo 64, and reporting on the goings-on in the World of Gaming since late 2011. His base of writing operations is located within the void between Here and There, or so he would have you think.
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