Dissolved company officially terminates employment of CEO Brian Farrell, president Jason Rubin, and chief strategy officer Jason Kay.
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.
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.
@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.
We are looking for a warehouse manager at work, if that will help them I could put in a good word... maybe.
Poor guys. They'll have to take their huge severance packages and get other high-paying jobs somewhere else.
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.
I'm going to go to mcdonalds and order me a piecemeal, I hope the toy inside is a free darksiders 1 and 2.
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.
"let go" makes it sounds like they were being held against their will
They were finally let go, and boy did they run.
What about the second auction? will the Homeworld IP forever be damned in litigation hell?
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 Yeah, I'd like to think if he had got in sooner, he would have been able to turn it around.
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