THQ cuts 240 staff as CEO halves salary:
Troubled publisher THQ has confirmed it is cutting 240 jobs at the same time that CEO Brian Farrell is to reduce his salary by 50 per cent.
Farrell's salary will drop from $718,500 to $359,250, with the job losses costing THQ $8 million in severance pay. The company will also have to abandon some fixed assets at the cost of $2.5 million and terminate contracts at a cost of $500,000.
The job cuts are across the sales and administrative teams and were initially announced last week although not in any significant detail.
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