President and CEO Brian Farrell will take a pay cut for the year starting February 15, which reduces his salary from $718,500 to $359,250. His salary will go back up the next year.
His golden parachute has also been tailored a bit more closely, as the payment he'd receive upon departure from the company (either termination "without cause" or resignation with "good reason") has been cut from three times his highest-ever bonus to just his highest-ever bonus. This is, of course, a small sacrifice compared to the THQ employees whose salaries went from "some" to "none."
The board of directors is also seeing some cuts: all the other directors have "elected" to receive 50% less cash compensation for a year effective today.