THQ’s Layoffs Confirmed at 240, CEO Takes Pay Cut

One of the bigger stories of late are the ongoing financial worries of publisher THQ, which has hit some pretty hard times. On Monday, we discovered that a number of staff-members in the company’s administrative and publishing arms would be laid off—yesterday Joystiq reported that number at 240. It’s been said that the company’s studios are remaining untouched…

…but don’t be surprised if that changes as time goes on. After all, they were closing studios like it was going out of style in 2011.

But just in case it seems as though employees are the only ones eating it on this situation, today another post on Joystiq revealed that THQ’s CEO, Brian Farrell, will take a 50 percent pay cut, dropping his annual salary from $718,500 to $359,250. The pay cut takes effect on February 15, while the board of directors have also volunteered to receive 50 percent less money for their services starting today.

The pay cut is, no doubt, to show responsibility and contrition over helming the company while its stock value slid to below a dollar a share, prompting an official warning from NASDAQ two days ago. It also seems to confirm allegations of Farrell’s poor management that made their way to the press last week.

Okay. So, a making over $350,000 is still a ridiculous amount of money. But it is a slightly less ridiculous figure than over $700,000. Of course, with that kind of money, the guy could probably afford to coast for a year with no pay. Had he elected to cut his yearly salary to, say, a buck, that might be a much more effective demonstration of his desire to set the ship aright. But, hey, I’m no CEO. What the fuck do I know? I’m still crossing my fingers I can get welfare government cheese.

Me and Mister Farrell? We just in different worlds.

Our sympathies go out to those affected by the layoffs.

Via Joystiq and Joystiq again