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Posted by Chuck Corbin on Feb 3, 2012

THQ Laying Off 240 Employees, CEO And Board To Take Pay Cut

More troubling news, as THQ announced that “up to 240 selling, general and administrative personal worldwide” will be laid off. The layoffs will be finalized on September 30th, 2012, but most of the layoffs will occur by March 31st.

The CEO and the Board of Directors are not immune to THQ’s troubles either, as they are all taking 50% pay cut. CEO Brian Farrell’s severance package, should he be fired or resign with “good reason”, is also being reduced, from three times his highest ever bonus to only his highest ever bonus.

At this time, the layoffs do not affect studios, only administration and publishing offices. This is a tough break for the company, but needed if THQ wants to have any chance of remaining afloat.

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