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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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15. Re: THQ Confirms Cuts Feb 2, 2012, 10:06 Wildone
 
Well if you did, you wouldn't be congratulation this guy on how he runs THQ or manages their studios & creative talent. But I guess they reward incompetence at the expense of peoples jobs. LOL.  
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14. Re: THQ Confirms Cuts Feb 2, 2012, 09:25 Verno
 
Nuukee wrote on Feb 2, 2012, 08:13:
I don't know where all this bad attitude comes from.
I think this is a very respectable step and I appreciate that. Many companies should learn from that ... typically only normal workforce suffers, while the managers get a fat bonus. So, heads up from me.

Plus, I really like THQ to stay. EA and Activision can go to hell with their BF x and CoD x.
THQ brings out new and fresh IP like the Metro game for a budget price (got it for 30€ lauch day and it included Red Faction Guerilla) while EA and Activision can get away with their 50-60€ CoD and BF shit and earn tons of money with it

Hope there will be more supporting them.

A lot of people lost their jobs due to this guy mismanaging this company into oblivion over the past four years but everyone should respect his decision to take a one year pay cut? From 750k to 350k, yeah hes a real saint. THQs IP portfolio is not the creative experience you'd have us believe either, there is plenty of silly shit like uDraw and dumb wrestling game iterations. EA and Activision have brought out new IP in addition to their yearly stuff just like THQ has.
 
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Playing: Dragon Age Inquisition, Far Cry 4, This War of Mine
Watching: The Walking Dead, The Fall, As Above So Below
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13. Re: THQ Confirms Cuts Feb 2, 2012, 08:35 Nuukee
 
I buy thousands of things a year and I have never worked for any of those companies so I do not get your point.
I only know their products and I like them ... I have no insight at all into THQ.
 
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12. Re: THQ Confirms Cuts Feb 2, 2012, 08:24 Wildone
 
LOL you obviously never worked for THQ  
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11. Re: THQ Confirms Cuts Feb 2, 2012, 08:13 Nuukee
 
I don't know where all this bad attitude comes from.
I think this is a very respectable step and I appreciate that. Many companies should learn from that ... typically only normal workforce suffers, while the managers get a fat bonus. So, heads up from me.

Plus, I really like THQ to stay. EA and Activision can go to hell with their BF x and CoD x.
THQ brings out new and fresh IP like the Metro game for a budget price (got it for 30€ lauch day and it included Red Faction Guerilla) while EA and Activision can get away with their 50-60€ CoD and BF shit and earn tons of money with it

Hope there will be more supporting them.
 
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10. Re: THQ Confirms Cuts Feb 2, 2012, 07:17 Dades
 
Only $350000.00, how will his kids attend private school while his wife has tennis lessons on their yacht?!  
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9. Re: THQ Confirms Cuts Feb 2, 2012, 03:30 eRe4s3r
 
If he runs his personal finances like he ran THQ he will be a "poor" guy indeed.  
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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&#8722;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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“The greatness of a nation and its moral progress can be judged by the way its animals are treated.”
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7. Re: THQ Confirms Cuts Feb 1, 2012, 22:43 Krovven
 
I don't get how the CEO hasn't been ousted by the shareholders. $30 to $0.70 cents in 5 years. Head, meet chopping block.

 
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6. Re: THQ Confirms Cuts Feb 1, 2012, 21:55 Cutter
 
They confirmed me for what?
 
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"Bye weeks? Bronko Nagurski didn't get no bye weeks, and now he's dead… Well, maybe they're a good thing." - Moe
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5. Re: THQ Confirms Cuts Feb 1, 2012, 21:40 Beamer
 
Bhruic wrote on Feb 1, 2012, 21:31:

1 year 50% paycut, probably a smaller but still very substantial bonus, then when 2012 has enormous comps (would be nearly impossible not to) a raise and a mega bonus to celebrate.

You forgot the "And should anything go wrong, a complete golden parachute, and an offer to sit on the board of another company".

Part of the problem with THQ is that their entire identiy is Farrell. The board can't imagine life without him. No one can. He, and his vision, is all they've ever known. The company is literally made in his impression.

So I don't know if they'll ball up and cut that cord. I don't think their culture is prepared for something like that. I could be wrong, but given his tenure, and all he's been through, it just seems like they think they're married to their CEO and it's battered spouse syndrome.
 
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http://www.deathwishinc.com
http://www.hydrahead.com
http://www.painkillerrecords.com
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4. Re: THQ Confirms Cuts Feb 1, 2012, 21:31 Bhruic
 

1 year 50% paycut, probably a smaller but still very substantial bonus, then when 2012 has enormous comps (would be nearly impossible not to) a raise and a mega bonus to celebrate.

You forgot the "And should anything go wrong, a complete golden parachute, and an offer to sit on the board of another company".
 
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3. Re: THQ Confirms Cuts Feb 1, 2012, 21:28 nin
 
Wallshadows wrote on Feb 1, 2012, 21:23:
$359,250?

How the fuck will he manage? Poor guy!


And only for one year!

 
http://store.nin.com/index.php?cPath=10
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2. Re: THQ Confirms Cuts Feb 1, 2012, 21:23 Wallshadows
 
$359,250?

How the fuck will he manage? Poor guy!
 
Avatar 50040
 
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1. Re: THQ Confirms Cuts Feb 1, 2012, 21:19 Beamer
 
1 year 50% paycut, probably a smaller but still very substantial bonus, then when 2012 has enormous comps (would be nearly impossible not to) a raise and a mega bonus to celebrate.  
-------------
Music for the discerning:
http://www.deathwishinc.com
http://www.hydrahead.com
http://www.painkillerrecords.com
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