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THQ Confirms Cuts

A THQ investor report (Adobe Acrobat format) has a confirmation of recent word of layoffs at the company, saying this will impact as many as 240 "selling, general and administrative personnel." THQ CEO Brian Farrell will also take a one-year 50% pay cut, from $718,500 to $359,250. This follows recent word that the company is exiting its relationships with kids’ licensed entertainment companies. Thanks Edge. Update: The number of layoffs was originally listed as 24 due to a typo. Apologies for the error.

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8. Re: THQ Confirms Cuts Feb 1, 2012, 23:26 Prez
 
For a company the size of THQ, I'm surprised that the CEO was only making ~750k. That's on the low end of the spectrum of CEO salaries for companies the size of THQ I should think. Like Krovven I am also surprised at how he's still CEO.

They probably don't want to have to pay the inordinatley large severance he is undoubtedly contractually guaranteed in the event of his ouster.

EDIT: I normally like sifting through legalese bullshit about as much as I enjoy sifting through diahrea, but for a wonder I actually found what I was looking for:

The Amendment (i) reduces Mr. Farrell's base salary by 50%, from $718,500 to $359,250, for a one−year period beginning February 13, 2012, and (ii) changes the compensation that Mr. Farrell would receive if he were terminated without “Cause” or resigned for “Good Reason” (both, as terms are defined in the Employment Agreement) by reducing the lump sum payment component that is tied to bonus compensation from three (3) times the annual rate of the highest bonus amounts Mr. Farrell received during any prior fiscal year to one (1) times such bonus amount...

It looks like with this new agreemnet he is now only guaranteed 350k as opposed to the roughly 2.2 million he would have gotten before this amendment. Now would definitely be the time to boot his ass out...

This comment was edited on Feb 1, 2012, 23:44.
 
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    Date Subject Author
  1. Feb 1, 21:19 Re: THQ Confirms Cuts Beamer
  4. Feb 1, 21:31  Re: THQ Confirms Cuts Bhruic
  5. Feb 1, 21:40   Re: THQ Confirms Cuts Beamer
  2. Feb 1, 21:23 Re: THQ Confirms Cuts Wallshadows
  3. Feb 1, 21:28  Re: THQ Confirms Cuts nin
  9. Feb 2, 03:30  Re: THQ Confirms Cuts eRe4s3r
  6. Feb 1, 21:55 Re: THQ Confirms Cuts Cutter
  7. Feb 1, 22:43  Re: THQ Confirms Cuts Krovven
>> 8. Feb 1, 23:26   Re: THQ Confirms Cuts Prez
  10. Feb 2, 07:17 Re: THQ Confirms Cuts Dades
  11. Feb 2, 08:13 Re: THQ Confirms Cuts Nuukee
  12. Feb 2, 08:24  Re: THQ Confirms Cuts Wildone
  14. Feb 2, 09:25  Re: THQ Confirms Cuts Verno
  13. Feb 2, 08:35 Re: THQ Confirms Cuts Nuukee
  15. Feb 2, 10:06  Re: THQ Confirms Cuts Wildone


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