THQ executives let go

Dissolved company officially terminates employment of CEO Brian Farrell, president Jason Rubin, and chief strategy officer Jason Kay.

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The writing has long been on the wall, but now it is official. THQ today informed the Securities and Exchange Commission that it had terminated the employment of three top executives.

CEO Brian Farrell, president Jason Rubin, and chief strategy officer Jason Kay have each been terminated without cause, according to the government document.

THQ had hoped to remain intact, with Rubin saying in December that if all went to plan, Clearlake Capital Group would purchase the company for $60 million. Creditors took issue with the quick sale and the terms and convinced a bankruptcy judge to allow for THQ to be broken apart and sold on a piecemeal basis.

The THQ auction took place last month, with Sega, Take-Two, Ubisoft, Koch Media, and Crytek all snapping up franchises and studios. Check out GameSpot's previous coverage for a full breakdown of the event.

Discussion

34 comments
TTDog
TTDog

No surprise there... they didn't exactly make a huge sucess of the company did they.

Elann2008
Elann2008

And their severance packages will take them well into retirement or whatever venture they take on in the following years.  Jason Rubin joined THQ way too late, to have any kind of long-term impact on the company.  

CEO, Brian Farrell was a fool.  Invested most of the companies remaining net worth into uDraw, tanked THQ into the earth.   How he thought that was a good product to come out of THQ is beyond me.  

bongsyas_23
bongsyas_23

they should've stick to wrestling games. but hopefully they find jobs right away

maxwell97
maxwell97

@poster012 Their severance will be their yearly salary plus bonus, and obviously their stock options are worthless. So, for the CEO, it will come to about $400,000. Not bad, but not huge, considering he made about $1.2 million in compensation in 2011.

http://contracts.onecle.com/thq/sep.shtml

ratchet200
ratchet200

Bloody hell for a moment there i thought it said 'THQ exclusives let go'

NetBiosError
NetBiosError

<Insert edgy anti-corporatist garbage generalizing people with titles of corporate executive here.>

B-boy
B-boy

why quit nauthy dog, to work crapply company

soulless4now
soulless4now

Probably won't take them long to find jobs.  

deth420
deth420

Im sure they got a big payout!

Triton
Triton

We are looking for a warehouse manager at work, if that will help them I could put in a good word... maybe.

TimboII
TimboII

Still very sad...THQ was one of the best 'nicest' (if you will) big game companies around

MJ12-Conspiracy
MJ12-Conspiracy

You've been targeted for termination, come with me if you want to live.....

poster012
poster012

Poor guys. They'll have to take their huge severance packages and get other high-paying jobs somewhere else. 

zilcher
zilcher

they probably went home to play some Dead Space 3

nurnberg
nurnberg

These parasitic executives managed to leech money from the company until the very end!

ryanreynolds
ryanreynolds

Do you guys have to be so mean? THQ was one of the few companies that tried to be if not inovative atleast fresh.They didn't have a cash cow like Activision's Call Of Duty and EA's Mass Effect and were actually relying on new ip's most of the time.Darksiders,S.T.A.L.K.E.R.,Metro 2033,Homefront,etc...Some of them payed off,some didn't.Give them some credit here.

danusty
danusty

I'm going to go to mcdonalds and order me a piecemeal, I hope the toy inside is a free darksiders 1 and 2.

hht009
hht009

wonder if those guys list those post in their resume.


flamingboard
flamingboard

I'm sure they have enough to get by on. At least for 1000 years. After that they may have to start looking for work again.

demondogx
demondogx

Good, because releaseing around 50 DLC per game sure aint a way to get customers to like you.

gatsbythepig
gatsbythepig

"let go" makes it sounds like they were being held against their will  

They were finally let go, and boy did they run.

MAD_AI
MAD_AI

What about the second auction? will the Homeworld IP forever be damned in litigation hell?

*sobs uncontrollably*

Karzovis
Karzovis

I have to say its only fair. 


I can understand the sentiment behind the clearwater deal, but with the going under the holders get screwed royally. That clearwater deal would've been rubbing dirt in their faces on top of it so I can understand why they went with the traditional auction. 

King9999
King9999

Sucks for Jason.  He wasn't in that position long.

chibi-acer
chibi-acer

@deth420 I wouldn't be too sure about that.  The company did go bankrupt before they were let go.

Karzovis
Karzovis

@MAD_AI 


And he hath spoketh, ye nothing of value hast been lost on this day. 

edant79
edant79

@King9999 Yeah, I'd like to think if he had got in sooner, he would have been able to turn it around.