THQ Suffers Layoffs up to 240, Executive Pay Cuts

THQ continues to feel the effects of its recent financial decline, forced to perform a restructuring that will require 240 jobs and the CEO’s pay to be cut in half.

After receiving a stock delisting notice Tuesday, THQ has confirmed “up to 240 selling, general and administrative personnel worldwide,” will be laid off according to an SEC filing. “The majority of the restructuring plan is expected to be implemented by March 31, 2012, with the remainder completed by September 30, 2012.”

Along with other company directors taking a cut, THQ CEO Brian Farrell will have his base salary reduced to $359, 250 from $718,500, roughly fifty percent for one year.

THQ announced a “updated business strategy” in January to move its focus from kids’ license video games, the changes made were said not to affect its five internal studios including Relic Entertainment, Volition, and Vigil Games.

This comes after a rumor started by IGDA Mobile head Kevin Dent regarding THQ’s 2014 release calendar and the cancellation of the Warhammer 40,000 MMO Dark Millennium.

Source: THQ

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