CEO’s pay slashed by 50%
THQ is continuing with its tightening of the belt in a battle for the very survival of the company. In the latest round of news, CEO Brian Farrell will swallow a pay cut of 50% that will start in February and return to the normal rate next year if the company’s financial performance improves.
Beyond sacrificing of 50% of his pay for the rest of the year, the THQ board members have also elected to take less compensation for a year to help the company. Rumor has it that Farrell’s golden parachute has also been tweaked to cost the company less.
THQ has also confirmed that 240 employees have received the boot. These planned layoffs come from the restructuring of the company. Again, THQ has gone out of its way to make sure that everyone knows that these cuts came from the administration and publishing divisions of the companies, and that again studios were said not to be touched.
The company has declined to confirm whether the moves will impact any projects. As we told you previously, the restructuring centers away from the kid-friendly titles and licensed offerings to more mainstream and hardcore offerings. The company has still not provided an update on whether the Warhammer 40K MMO project continues. Expect to hear more about this soon.