THQ CFO resigns

Embattled publisher's executive vice president and chief financial officer Paul Pucino departs; company in talks with financial sponsor.

THQ executive vice president and chief financial officer Paul Pucino has left the embattled publisher. The company announced the news today and said it is evaluating alternatives to fill the role, though no candidates were specified. Pucino had been with THQ for nearly four years.

THQ also announced today that it is in talks with an unnamed financial sponsor that will assist the beleaguered publisher in creating financial alternatives. The company said this "may result in, among other things, significant and material dilution to shareholders."

Information regarding the identity of this sponsor, the scope of the deal, its structure, and/or timing was not disclosed. Additionally, THQ cautioned that the negotiations are in no way a guarantee that a transaction will be made.

Lastly, THQ said that Wells Fargo Capital Finance LLC has agreed to forgo action against the studio due to a possible default related to its $50 million loan until January 15, 2013.

Written By

Eddie Makuch is a news editor at GameSpot, and would like to see the Whalers return to Hartford.

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67 comments
santinegrete
santinegrete

Oh man this can't happen. We all know THQ don't deserve this. They didn't even release unplayable games like Hour of Victory like Midway did before dying.

Philly04
Philly04

Seems like the Mayan calender applies to THQ

D4veBowman
D4veBowman

Makes you wonder what their doing so wrong.  Hopefully someone will pick up Vigil and 4A for continuation of Metro and Darksiders.  Darksiders especially since they've pretty much left that franchise open for sequels.

GothikaGeist
GothikaGeist

I can't stand to see THQ burning to the ground like this :( They may have been a large corporation but DAMN did they have some awesome IPs. Metro, Saints Row, Red Faction, and Company of Heroes! Hell, at least they brought out new IPs on fairly good basis as well, EA and Activision just Re-print and Re--sticker last year's game.

tgwolf
tgwolf

I sure hope that the CFO's resignation wasn't an implicit confession of guilt but more a statement of disapproval of the 'unnamed' sponsor to be...

Mondrath
Mondrath

Hey....THQ can't disappear yet, they still have 2 Darksiders games to publish! I want Strife and Fury!

nate1222
nate1222

The industry needs to crash. All of this is the result of corporate GREED:

big publishers and console makers create astronomical costs in order to use debt leverage against developers.

 

The same thing is done throughout the corporate machine: big businesses KNOW that you have 5 figures of debt via student loans, and possibly a mortgage. So they over-work you and under-pay you KNOWING you'll take what you can get.

 

You go to college hoping to land a $40k to $50k per year job. But, by the time you hit the $30k mark, they invent a reason to either get rid of you or deny you the raise/promotion/benifits.

 

This entire system needs to collapse -gaming and otherwise.

nate1222
nate1222

Sad what's happening to THQ. I loved Red Faction and Red Faction 2 for PS2. Hell, I now own the PC versions (DRM-free) via Gamersgate. And some iof my classmates like Metro. So it ain't like they don't have memorable stuff to their name.

Hakkology
Hakkology

Come on ...

 

I know this was inevitable but these guys didn't deserve it.

 

 

Icepick_Trotter
Icepick_Trotter

Just... long enough... for Metro Last Light... and... Company of Heroes 2....

 

Then, you'll have my permission to die.

thequickshooter
thequickshooter

THQ most survive until metro last light and company of heroes 2 

 

but if they will succeed, they will be rich 

soulless4now
soulless4now

Poor THQ. I wish them the best since things just keep getting worse for them. 

Rivboets7
Rivboets7

I hope they can make Saints Row 4 the first three were really fun.

shingui5
shingui5

huh, and i was kind of looking forward to Darksiders III.

 

a bit of a waste really, hopefully itt can get picked up by someone competent.

00J
00J

If THQ can just squeeze out Saints Row 4 that's all they need to do... The best Games always get destroyed when a company is in imminent doom... 

Karzovis
Karzovis

And gamespot posters told of their downfall.

 

THQs fall was merely delay.

 

From the time after their Nasdaq opened. 

 

When the heads of THQ would spill their own profits. 

 

But no one wanted to believe, believe they'd ever go out of business

 

And when the execs finally started to depart, the execs left as if on fire! 

 

But!!!

 

Theres one game casuals hold dear. In essence, A san andreas clone, SAINTS ROW! 

 

GOING-UN-DER!!!!

PETERAKO
PETERAKO

im worried about the fate of Relic and volition. why? two reasons, homeworld and freespace.

Roger_Smith
Roger_Smith

It's really unfair, this company has released so many niche/gems and it's dying, whereas the Call of Duty and Battlefield and Madden factories keep churning.

 

Gaming really is in need of another crash, we can't keep going like this.

M-S-M-S
M-S-M-S

What a shame. A company that took so many risks (that turned out to successes) should deserve better.

firedrakes
firedrakes

so every year they took a load out to run the company.....

cdog21
cdog21

South Park and SR4 need to come out now!

SingletreeAve
SingletreeAve

Maybe the name "Last Light" will turn out to be prophetic.

rat5112
rat5112

Please just let Stick of Truth get published.

oflow
oflow

screw dow3 I hope they can stay afloat long enough for company of heroes 2

bliciant
bliciant

And I was hoping for a Dawn Of War 3. I think it is not going to happen. 

DarthLod
DarthLod

All these high ranked people in companies resigning or retiring is proof that the industry is being ruined by corporate greed. Thank you EA and Activision.

gufberg
gufberg

I begin to sense the presence of a giant Praying Mantis behind the exoskeletal corpse that is THQ .. SHIT THE MANTIS IS EA! DONT DO IT EA! DONT BUY THQ!!! 

Megavideogamer
Megavideogamer

THQ is now on deathwatch. Hopefully they will recover.

megthompson3
megthompson3

Things look grim for S.T.A.L.K.E.R. fans :/ Darn it...

IgotEpixx
IgotEpixx

If I throw more money at Relic will the problem go away, THQ? I'LL DO IT!

nate1222
nate1222

 @Roger_Smith

 It bothers me to see this too. The big publishers and console makers have created a situation where you have to rule the world just to eat. And ruling the world involves racketeering and other slimey shit.

Umur31
Umur31

 @oflow CoH sucks, it's fucking horrible compared to MoW

oflow
oflow

 @DarthLod um...the 'high ranked' people you are talking about are the corporate people. THQ's problems have more to do with bad managerial decisions than greed. 

xsonicchaos
xsonicchaos

 @gufberg All those great games, even the mediocre ones made by THQ, POOF! gone with the sequels.

magicaldropking
magicaldropking

 @Megavideogamer "Now?" They've already been in a vegetative state for months and if they can't come up with the $50M owed to Wells Fargo by January, they're going to pull the plug. Remember months ago when their stock was under $1 and they had to do a reverse split to get it above $5 and avoid de-listing? As of this posting, it's back down to $1.14.

IgotEpixx
IgotEpixx

 @megthompson3 S.T.A.L.K.E.R. 2 was cancelled I'm afraid. But Besthesda picked up the license so you can expect S.K.Y.R.I.M. New Chernobyl. Yeah, I wept too.

gamingfrendly
gamingfrendly

 @megthompson3  i do not under stand stalker 2 was axed some time ago how does this screw things more for stalker fans?

PETERAKO
PETERAKO

 @nate1222  @PETERAKO i left em out cause i wasn't into that series. the only game of the series i have played was guerilla and that not much.

oflow
oflow

@Umur31

 lol yeah right.  I play MoW as well and while its a decent game saying its better than CoH is laughable.

 

The terrible translation alone is enough to make the game a 7 at best.  It  also has terrible AI and a bunch of unnecessary tedium like looting/equipping individual units.Vanilla CoH is one of the best RTS games of all-time. 

 

Also this is about THQ who gives a crap MoW?

 

gufberg
gufberg

 @xsonicchaos Yeah .. EA would trash half the IPs and 'modernize' and 'streamline' the rest, state that they'd have to sell X million copies to justify a continuation and then wonder why their 'streamlined' MoH-esque bastardization of a sequel doesnt fulfill expectations .. Now that i think of it if there is ever going to be such a thing as 'gamer terrorism' EA will probably be the victims. 

gufberg
gufberg

 @IgotEpixx  @megthompson3 To be fair i think Bethesda are the best people to handle the Stalker license besides the original devs. They have a record of respecting IP and not messing it up in my opinion.If Bioware had gotten it the franchise would be under the supervision of EA and they'd give us a Call of Stalker or a Medal of Stalker: Stalkfare instead of an actual sequel. Bethesda has the money, the talent and the respect for good IP to possibly pull this off. If anyone can do this its Bethesda. 

oflow
oflow

 @Umur31 MoW is mediocre.  The AI is incredibly terrible even worse than CoH's and thats saying a lot.  Also, I actually like playing against ppl. People actually play CoH. But good luck with that. Like I said no one gives a crap about MoW this was a post about THQ. Go troll on the MoW feed....oh wait...NO ONE'S READING IT OR POSTING THERE SO YOU WOULD BE TALKING TO YOURSELF.

Umur31
Umur31

 @oflow "unnecessary" meaning you don't have to do it.CoH is like what CoD is to ARMA2.I used to like it, then started playing MoW, went back to CoH, watched a machine gun fire to 3 squads in point blank range for at least 4 minutes and not killing anyone, laughed my ass off and deleted.