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.

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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.

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