More Layoffs Hit THQ, CEO Takes 50% Pay CutCategory: Gaming
Posted: February 1, 2012 08:14PM
THQ has definitely hit some rough times, what with a refocused strategy and the removal of so many kid games from its lineup. Word has it that some more layoffs have hit THQ, with 240 employees losing their jobs worldwide as a result of the restructuring plan. This follows some layoffs at THQ's California and Australia offices, with the 240 cuts expected to be completed by September 30th, 2012. The CEO and President of THQ, Brian Farrell, will receive a 50% pay cut for one year, though next year his salary will be reviewed and odds are it will jump back up. THQ also needs to get its share price higher than $1 a share in order to remain listed on NASDAQ. Currently it is at 70 cents a share, and THQ has until July 23rd to bring it over $1 for 10 consecutive days.