THQ Hacks CEO Salary in Half - Lays Off Hundreds
SEC filing lays it all bare for THQ
Troubled THQ has filed a document with the Securities and Exchange Commission (SEC) in the USA that bodes incredibly badly for a company already threatened with NASDAQ delisting.
Up front and centre of the document is that an amendment made to THQ company documents on January 31st, "...reduces Mr. Farrell's base salary by 50%, from $718,500 to $359,250, for a one-year period beginning February 13, 2012..."
That's right, the CEO takes a 50% cut in base salary.
It gets worse for some THQ staff, however, as the document also states that as of January 26th the company has implemented an "updated business strategy in order to appropriately adjust the Company's operating expenses to better align with the expected revenues"...
In short, it expects very poor revenues. The "restructuring plan involves a realignment of the organizational structure resulting in reductions of up to 240 selling, general and administrative personnel worldwide."
Outside of the kind of corporate language that seeks to hide the blood that results from staff culling, this means that 240 people will lose their jobs. " The majority of the restructuring plan is expected to be implemented by March 31, 2012, with the remainder completed by September 30, 2012", the document states.
Source: THQ
Up front and centre of the document is that an amendment made to THQ company documents on January 31st, "...reduces Mr. Farrell's base salary by 50%, from $718,500 to $359,250, for a one-year period beginning February 13, 2012..."
That's right, the CEO takes a 50% cut in base salary.
It gets worse for some THQ staff, however, as the document also states that as of January 26th the company has implemented an "updated business strategy in order to appropriately adjust the Company's operating expenses to better align with the expected revenues"...
In short, it expects very poor revenues. The "restructuring plan involves a realignment of the organizational structure resulting in reductions of up to 240 selling, general and administrative personnel worldwide."
Outside of the kind of corporate language that seeks to hide the blood that results from staff culling, this means that 240 people will lose their jobs. " The majority of the restructuring plan is expected to be implemented by March 31, 2012, with the remainder completed by September 30, 2012", the document states.
Source: THQ
Companies:
THQ
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