THQ CFO quits
Following "mutual agreement," Edward Zinser resigns his post as WWE SmackDown! publisher's top accountant; VP Rasmus van der Colff taking reins temporarily.
The month of November started with THQ reporting that it had met its financial estimates for the quarter ending September 30, 2007. Problem was, those estimates had been lowered just the month before, following lackluster sales of Stuntman: Ignition and Juiced 2: Hot Import Nights, as well as the delays of Destroy All Humans!: Path of the Furon and Frontlines: Fuel of War. For the quarter, THQ reported a net loss of $7 million on revenues of $229.3 million, down from the $11.6 million net profit and $240.2 million in revenue it took in during the same period in 2006.
Nearly one month later, THQ chief financial officer Edward Zinser has announced his resignation. In a brief announcement, the company stressed that the executive's departure "is in no way related to the financial condition, results of operations, or future prospects of THQ." Instead, Zinser's exit, which is effective immediately, came following a "mutual agreement between Mr. Zinser and the company." THQ vice president and controller Rasmus van der Colff has stepped in as interim chief financial officer until the publisher can find a permanent replacement for Mr. Zinser.
THQ declined to elaborate further on the resignation, which was revealed after trading had closed on the East Coast markets. The company's stock ended the day down $1.30 (5.17 percent) at $23.86, but was up slightly in after-hours trading.