THQ Vice President Resigns

[WWE RKO]

THQ vice president, corporate controller and chief accounting officer Teri Manby has resigned. According to a recent SEC filing, Manby will remain with the company until July 6th in order to transition her duties to multiple other employees.

CFO Paul Pucino will take on Manby’s role as chief accounting officer, while Rose Cunningham will be promoted to vice president and corporate controller. Cunningham has been with THQ for seven years and most recently served as senior director of financial reporting.

This is one of many recent corporate shake ups for THQ, following the appointment of a new company president shortly before E3. The company has been plagued by financial troubles recently, leading to multiple rounds of layoffs.

THQ announced this week that Saints Row The Third expansion Enter the Dominatrix will now be a part of Saints Row 4.

Credit: http://www.ign.com/articles/2012/06/...sident-resigns


Wow this doesn't sound to good for THQ, I know times are tough, hopefully things will turn around for them.

[mccanehd]

The new president is cleaning house, he's trying to reassure everyone that they are past U-Draw and what happened. This should be a fun year and a half

[Animalz07]

This could be really good if they are getting rid of some people at top who have power and made poor decisions previously.

[Viper]

You're all missing the main point...they just officially (re)announded Saints Row 4! *Does the happy dance*

[Outlaw]

Yeah, this really could be a good thing. It's always a little disconcerting when there are shake-ups, but sometimes they are for the best for everyone involved. It's clear the people they had in charge before were making poor creative/financial decisions, so as long as the core teams who have been making the good games are still around, having some new management who knows what to do with that talent could be the beginning of the greatness THQ has always wanted.

Of course, I don't know these people, so maybe they're just the next schmucks in line and no better than the schmucks who left. But as Viper pointed out, they ARE making more Saints Row games, so to me, it's so far, so good.

[mccanehd]

You're all missing the main point...they just officially (re)announded Saints Row 4! *Does the happy dance*

LOL, this is true!

[Xarmark77]

[QUOTE=WWE RKO;1079316]THQ vice president, corporate controller and chief accounting officer Teri Manby has resigned. According to a recent SEC filing, Manby will remain with the company until July 6th in order to transition her duties to multiple other employees.

CFO Paul Pucino will take on Manby’s role as chief accounting officer, while Rose Cunningham will be promoted to vice president and corporate controller. Cunningham has been with THQ for seven years and most recently served as senior director of financial reporting.

This is one of many recent corporate shake ups for THQ, following the appointment of a new company president shortly before E3. The company has been plagued by financial troubles recently, leading to multiple rounds of layoffs.

THQ announced this week that Saints Row The Third expansion Enter the Dominatrix will now be a part of Saints Row 4.to c

Credit: http://www.ign.com/articles/2012/06/...sident-resignset


Wow this doesn't sound to good for THQ, I know times are tough, hopefully things will turn around for them.[/QUOTE
This sounds like restructuring and cost-cutting . Basically, companies are able to make a profit two ways. They get revenue from sales or they they cut costs by restructuring or make cuts. This is why companies are making record profits in a very down economy. So, cutting projects like the saint's row expansion pack and closing studios, like in San Diego will allow them to stay out of the red. I don't know much about the hierarchy and their pay structure, but I imagine they will be renegotiated to create more equity in the company. I don't see this as a giant red flag, but it's pretty clear to THQ and it's shareholders that changes needed to be made for the company to sustain itself, imho.
Sent from my A100 using Tapatalk 2

[WWE RKO]

[QUOTE=Xarmark77;1079339]

THQ vice president, corporate controller and chief accounting officer Teri Manby has resigned. According to a recent SEC filing, Manby will remain with the company until July 6th in order to transition her duties to multiple other employees.

CFO Paul Pucino will take on Manby’s role as chief accounting officer, while Rose Cunningham will be promoted to vice president and corporate controller. Cunningham has been with THQ for seven years and most recently served as senior director of financial reporting.

This is one of many recent corporate shake ups for THQ, following the appointment of a new company president shortly before E3. The company has been plagued by financial troubles recently, leading to multiple rounds of layoffs.

THQ announced this week that Saints Row The Third expansion Enter the Dominatrix will now be a part of Saints Row 4.to c

Credit: http://www.ign.com/articles/2012/06/...sident-resignset


Wow this doesn't sound to good for THQ, I know times are tough, hopefully things will turn around for them.[/QUOTE
This sounds like restructuring and cost-cutting . Basically, companies are able to make a profit two ways. They get revenue from sales or they they cut costs by restructuring or make cuts. This is why companies are making record profits in a very down economy. So, cutting projects like the saint's row expansion pack and closing studios, like in San Diego will allow them to stay out of the red. I don't know much about the hierarchy and their pay structure, but I imagine they will be renegotiated to create more equity in the company. I don't see this as a giant red flag, but it's pretty clear to THQ and it's shareholders that changes needed to be made for the company to sustain itself, imho.
Sent from my A100 using Tapatalk 2

Good point, Companies got to do what they have to do.

[WebbanationX]

Yeah that doesn't sound too serious. If at the end of the day they can move somebody up to take her spot and have someone cover the rest of her duties, it's not a real loss. It's just something for people to point at and say "THQ's that much closer to going under." If they go under, this won't be a cause of that.

[The Gold One]

THQ is a publicly traded company and usually when you see C"X"O level people leaving it means restructuring to make the numbers look better (ie cutting costs internally). It also means they are up on the market for sale. Saints Row and WWE are their 2 biggest franchises but the cost of overhead for these developers today is high which eats into profit margins. They also have a responsibility to the shareholders (although if you bought this stock I am sorry) which isn't the greatest thing in the world when your trying to grow your business vs bottom line numbers.

They'll probably get bought by someone for the existing games/licenses they have.

Forgot to mention they also have a class action lawsuit with the bomb of U Draw which cost them around $60 million.

All companies in bad financial trouble like to paint promising portraits of their business to keep investors from jumping ship. So as much as THQ says that WWE, Saints Row, etc titles are doing well (which it seems they are) they are really taking a beating behind the scenes.

But there have been companies far worse off who have pulled out of the slump.

[Xarmark77]

THQ is a publicly traded company and usually when you see C"X"O level people leaving it means restructuring to make the numbers look better (ie cutting costs internally). It also means they are up on the market for sale. Saints Row and WWE are their 2 biggest franchises but the cost of overhead for these developers today is high which eats into profit margins. They also have a responsibility to the shareholders (although if you bought this stock I am sorry) which isn't the greatest thing in the world when your trying to grow your business vs bottom line numbers.
They'll probably get bought by someone for the existing games/licenses they have.

Forgot to mention they also have a class action lawsuit with the bomb of U Draw which cost them around $60 million.

All companies in bad financial trouble like to paint promising portraits of their business to keep investors from jumping ship. So as much as THQ says that WWE, Saints Row, etc titles are doing well (which it seems they are) they are really taking a beating behind the scenes.

But there have been companies far worse off who have pulled out of the slump.

Lot's of public companies do all kinds of cost cutting measures without being on the market for sale. That doesn't mean THQ isn't on the market. I don't have their portfolio in front of me, either...lol. Though, the easiest way to turn a profit right now is to make cuts...i.e. fire people which ultimately is what happened in San Diego. They have a new president and an interim VP, so one way or another they are making these changes. The board had to agree to it (just like every other decision), but it's a done deal. I actually think if they were stagnant and didn't make such changes they would be in complete denial and just plodded along like they were having no issues, they'd be far worse. If they said we are stopping production on saint's row, altogether as opposed to an expansion pack, that would be a flashing red light that they just don't have any capital to infuse into their best selling series. I just think this is pretty clear that they are trimming the fat and hopefully not hitting the bone.

[The Gold One]

Lot's of public companies do all kinds of cost cutting measures without being on the market for sale. That doesn't mean THQ isn't on the market. I don't have their portfolio in front of me, either...lol. Though, the easiest way to turn a profit right now is to make cuts...i.e. fire people which ultimately is what happened in San Diego. They have a new president and an interim VP, so one way or another they are making these changes. The board had to agree to it (just like every other decision), but it's a done deal. I actually think if they were stagnant and didn't make such changes they would be in complete denial and just plodded along like they were having no issues, they'd be far worse. If they said we are stopping production on saint's row, altogether as opposed to an expansion pack, that would be a flashing red light that they just don't have any capital to infuse into their best selling series. I just think this is pretty clear that they are trimming the fat and hopefully not hitting the bone.

I looked at their financials and they're not all that great. I know all about cost cutting measures all to well and it usually means head count goes (payroll is the biggest expense to a company). I still think they will be around but I also think they are looking for a potential buyer behind the scenes if they get the right deal.

I do agree with dumping some of the franchises they did. Stick with the ones that work well and make good money ie Saints and WWE.