THQ’s bad news just keeps on coming

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THQsad[1]

The news around THQ just keeps on getting worse and worse but in this latest batch of bad news there is a glimmer of hope. Or at least some revenge on the people responsible for this epic failure.

We reported yesterday that THQ was about to cull 170 people from it’s workforce and could face delisting but it’s worse than that.

THQ has now announced that it is actually cutting 240 jobs and it’s going to cost them over $8 million in severance pay to do just that.

Apparently none of these jobs will affect the development staff of THQ which always make people feel better because for some reason we have less sympathy for people in marketing and finance than developers..

In related news the man standing at the helm of this sinking ship (obviously not Italian) is also going to be taking a pay cut and quite a hefty one at that. CEO Brian Farrell is going to be cutting back on his personal expenses as his annual salary is dropped from $718 500 to $359 250 per year.

But don’t feel too bad for him as it’s written in his contract that this paycut will be reversed in February 2013 and can then never happen again. Nice looking out for yourself there Brian.

The markets have responded to these actions by pushing THQ’s stock price up 5 cents since yesterday. Just another 28 cents to go before they get past the delisting mark

Oh and can we all just take a moment to take in the glorious header image that Geoff put together?

Last Updated: February 2, 2012

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