Back in May, THQ reported some of the worst financials the company has ever seen, with revenues slipping 22 percent year-over-year to $830 million (£500 million) as losses soared to $431.1 million (£260 million). That was on top of an earlier $220 million (£132 million) in spending cuts and a 24 percent reduction in staff. More recently the beleaguered publisher announced a restructuring as part of its recovery package, reorganising the company into three business groups: Core Games; Kids, Family, and Casual Games; and Online.
Now, THQ will continue its restructuring efforts without its current executive vice president of publishing. Rock Band publisher MTV Games has announced that Scott Guthrie has been named the company's new executive vice president and general manager, leading the publisher's game management team. He will be joined by David Cox, former senior director of sales and merchandising for Sony Computer Entertainment America, who will take up the role as senior vice president of sales.
Guthrie had been executive vice president at THQ for less than two years, having been promoted to the position back in 2007. He had recently spoken out in support of the ESA's plans to scale up this year's E3, saying, "It is very exciting for the videogame industry to once again have a global platform from which to report on the trends, innovations and exciting new games that are fueling the growth of our market."
Having pledged to devote $500 million (£301 million) toward game development back in 2007, MTV Games has seen great success with its Harmonix partnership and Rock Band. The series shipped more than 10 million copies and is soon to be expanded further with the release of The Beatles: Rock Band, which is due out September 9.