Joystiq http://www.joystiq.com Joystiq http://www.blogsmithmedia.com/http://www.joystiq.com/media/feedlogo.gif Joystiq http://www.joystiq.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Square Enix posts $134M fiscal net loss, projects profit for coming year]]>http://www.joystiq.com/2013/05/13/square-enix-posts-134m-fiscal-net-loss-projects-profit-for-com/http://www.joystiq.com/2013/05/13/square-enix-posts-134m-fiscal-net-loss-projects-profit-for-com/http://www.joystiq.com/2013/05/13/square-enix-posts-134m-fiscal-net-loss-projects-profit-for-com/#comments As approximately projected, Square Enix posted a net loss of ¥13.7 billion for the fiscal year ending March 31 2013, that converting to around $134 million. Back in March, Square Enix announced it was implementing major restructuring that would produce an "extraordinary loss". Today the company further detailed its new strategy for the next fiscal year, in which it projects a return to profit.

"The business environment surrounding the [Square Enix] Group is in the midst of major changes, where smart devices such as smartphones and tablet PCs are spreading rapidly," Square Enix stated in today's results, "while the console game markets in North America and Europe are increasingly competitive and oligopolistic. In light of such environmental changes, the Group is focusing all efforts on a substantial earnings improvement through driving reforms of business structure in order to establish new revenue base."

Square Enix previously noted "weak" sales of "big console titles" in North America and Europe, including Sleeping Dogs, Hitman: Absolution, and even Tomb Raider. Today the company said it will increasingly target smartphones and tablets, citing Final Fantasy Airborne Brigade and Kaku-San-Sei Million Arthur as satisfactorily profitable. Square Enix also noted Dragon Quest X as "showing steady performance."

As such, the restructuring brings overhauls to Square Enix's larger-scale development,with the company looking to improve turnover and produce content better tailored for different regions. Square Enix was clearly dissatisfied with the performance of its western portfolio, and layoffs were incurred in the company's North American and European divisions.

Square Enix believes these changes will be the platform for profit in the coming fiscal year, projecting net income of between ¥3.5 billion and ¥6 billion, or $34.4 million to $59 million.

JoystiqSquare Enix posts $134M fiscal net loss, projects profit for coming year originally appeared on Joystiq on Mon, 13 May 2013 07:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>europefinancialsjapannorth-americarestructuringsquare-enixMon, 13 May 2013 07:00:00 EST<![CDATA[New Square Enix president undertaking full review of company]]>http://www.joystiq.com/2013/04/03/new-square-enix-president-undertaking-full-review-of-company/http://www.joystiq.com/2013/04/03/new-square-enix-president-undertaking-full-review-of-company/http://www.joystiq.com/2013/04/03/new-square-enix-president-undertaking-full-review-of-company/#comments Square Enix fundamental company reviewNew Square Enix president Yosuke Matsuda plans to go over his company with a fine-toothed comb following Square Enix's recent losses and restructuring efforts, which include layoffs.

"After having succeeded the important role as the president, I plan on reviewing all Square Enix duties, business and assets on a zero-based budgeting standpoint," Matsuda told investors, as translated by Siliconera. "Due to the radical change of environment, I'd like to fundamentally review what works and what doesn't work for our company, then cast all of our resources towards extending what makes us successful and thoroughly squeezing out what doesn't."

Matsuda will appoint Square Enix Europe CEO Phil Rogers as director of Square Enix Holdings. Rogers will work with Matsuda on the restructuring efforts. The Final Fantasy Versus XIII team is currently sitting quietly in their office with all the lights off until Matsuda's review is over.

JoystiqNew Square Enix president undertaking full review of company originally appeared on Joystiq on Wed, 03 Apr 2013 11:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>phil-rogersrestructuringsquare-enixyosuke-matsudaWed, 03 Apr 2013 11:00:00 EST<![CDATA[Square Enix Los Angeles layoff details, CEO rumored to be out by May]]>http://www.joystiq.com/2013/04/03/square-enix-los-angeles-layoff-details-ceo-rumored-to-be-out-by/http://www.joystiq.com/2013/04/03/square-enix-los-angeles-layoff-details-ceo-rumored-to-be-out-by/http://www.joystiq.com/2013/04/03/square-enix-los-angeles-layoff-details-ceo-rumored-to-be-out-by/#comments
Last night we received word Square Enix's Los Angeles office had "a number of positions" eliminated, and we've since been filling in the details. Square Enix America mostly handled marketing, public relations and other logistics for the region. Two sources, who asked we not use their names out of fear it would affect their severance package, shared some more information.

Half of marketing has been cut, which is estimated at 10 people. Public relations, which we understand is approximately seven people, will stick around until late June (post E3) - after that only three or four will remain. One source notes more were let go in accounting, IT and events, alongside another five to 10 people who left community and support last week.

We've also been informed that Mike Fischer, president and CEO at Square Enix America, will be let go around May. The head of marketing will be let go right after E3.

Employees at the Los Angeles office were apparently informed they weren't singled out by corporate and that layoffs will occur at Square Enix's European and Japanese divisions as well, which is all part of the corporate restructuring currently going on at the company.

JoystiqSquare Enix Los Angeles layoff details, CEO rumored to be out by May originally appeared on Joystiq on Wed, 03 Apr 2013 07:07:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>layoffsrestructuringsquare-enixsquare-enix-los-angelesWed, 03 Apr 2013 07:07:00 EST<![CDATA[Square Enix president Wada to step down, $106M 'restructuring' loss [update]]]>http://www.joystiq.com/2013/03/26/square-enix-president-wada-to-step-down-106m-restructuring-l/http://www.joystiq.com/2013/03/26/square-enix-president-wada-to-step-down-106m-restructuring-l/http://www.joystiq.com/2013/03/26/square-enix-president-wada-to-step-down-106m-restructuring-l/#comments Square Enix president Wada to step down, $106M 'restructuring' lossYoichi Wada is leaving his post as Square Enix president and representative director, Square Enix announced this morning. Wada, who became the company's president and CEO in December 2000, is to be replaced by former company director and CFO Yosuke Matsuda. According to Square Enix's announcement, the change is "subject to a resolution" at the company's annual shareholders meeting in June, and a board of directors meeting held afterwards.

The news coincides with Square Enix announcing further major revisions to its fiscal year forecasts, which the company attributes to its decision to implement major restructuring in the wake of "the rapidly changing environment of the game businesses." Square Enix expects the changes, which it noted as affecting development policy, organizational structure, and business models, to incur a total "extraordinary" loss of ¥10 billion, or around $106 million.

However, Square Enix says the primary reason for the company's lower-than-expected results is the "sluggish" sales performance of its major games in western territories. When Square Enix announced its nine-month fiscal year net loss of just over ¥5 billion, the company said then it hadn't recovered the losses from earlier in the year because of "the increasingly difficult condition of the worldwide console game market."

Today's forecast revisions show a dramatic turnaround for the company's yearly financials. For the fiscal year ending March 31, Square Enix is projecting now a net loss of ¥13 billion, or around $138 million, compared to initial forecasts of a net profit of ¥3.5 billion, around $37 million. The previous fiscal year, Square Enix posted a net profit of just over ¥6 billion.

Update: GamesBeat is reporting Square Enix sold a number of its free-to-play games to privately funded start-up Sleepy Giant, with sources "familiar with the matter" saying four unannounced games were included in the deal. Neither party has announced the deal, with a Square Enix representative telling GamesBeat it doesn't "comment on any details for external development deals."

JoystiqSquare Enix president Wada to step down, $106M 'restructuring' loss [update] originally appeared on Joystiq on Tue, 26 Mar 2013 07:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>financialsjapanlossrestructuringsquare-enixyoichi-wadayosuke-matsudaTue, 26 Mar 2013 07:00:00 EST<![CDATA[Codemasters restructuring, reports suggest 80 layoffs]]>http://www.joystiq.com/2013/01/18/codemasters-restructuring/http://www.joystiq.com/2013/01/18/codemasters-restructuring/http://www.joystiq.com/2013/01/18/codemasters-restructuring/#comments Grid and Dirt developer Codemasters is consulting "affected employees" as part of a restructuring process, with 80 people reportedly being laid off as a result. A "strong source" told GamesIndustry International the figure, saying the majority of those layoffs are being made at the company's global headquarters in Southam, England.

A Codemasters spokesperson told us there is no confirmed number of affected employees, referring to numbers reported elsewhere as "speculative." Codemasters' official statement says the restructuring is "not companywide," and that the process isn't expected to affect development of "core console and PC titles" like Grid 2 and this year's Formula One game.

Codemasters' official statement reads:
"As the Company realigns its operations to focus on areas of increased strategic importance and decrease resources in areas that are not delivering value for the business, the Company has proposed the restructure of certain aspects within its digital development and publishing units in line with future product strategy. As a result of the proposed restructure, the Company has therefore entered into a period of collective consultation with the affected employees. The restructure is not companywide and is not anticipated to impact the development of its core console and PC titles such as Grid 2 or its annual Formula One title."

JoystiqCodemasters restructuring, reports suggest 80 layoffs originally appeared on Joystiq on Fri, 18 Jan 2013 07:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>codemastersdirtformula-1gridlayoffsrestructuringukFri, 18 Jan 2013 07:40:00 EST<![CDATA[Nintendo to merge handheld and console divisions by next month]]>http://www.joystiq.com/2013/01/16/nintendo-to-merge-handheld-and-console-divisions-by-next-month/http://www.joystiq.com/2013/01/16/nintendo-to-merge-handheld-and-console-divisions-by-next-month/http://www.joystiq.com/2013/01/16/nintendo-to-merge-handheld-and-console-divisions-by-next-month/#comments Nintendo to merge handheld and console divisions by next monthNintendo plans to unite its console and handheld divisions by February 16, combining the two into a singular unit tasked with creating next-generation hardware. As reported by Nikkei, and then confirmed to Engadget by Nintendo, the combined unit will initially incorporate 150 handheld and 130 console engineers, and operate out of a new $340 million facility located just by the company's headquarters (pictured above) in Kyoto, with the facility due to be completed by the end of 2013.

The move represents Nintendo's first major organizational restructuring in around a decade. In 2002, Satoru Iwata replaced Hiroshi Yamauchi as president of Nintendo, and initiated a move which saw the company's two Research & Development teams re-assigned into the Entertainment, Analysis, and Development division.

Today's news follows speculation around Nintendo's restructuring plans which suggested Shigeru Miyamoto would retire from his position as Nintendo EAD boss, being replaced by EAD deputy manager Takashi Tezuka. In a 2011 interview, Miyamoto noted Nintendo ought to be "structured" to operate without him before he'd leave the company.

JoystiqNintendo to merge handheld and console divisions by next month originally appeared on Joystiq on Wed, 16 Jan 2013 09:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>3dsjapannintendonintendo-eadrestructuringsatoru-iwatashigeru-miyamotowii-uWed, 16 Jan 2013 09:45:00 EST<![CDATA[Sega canceling games, cutting jobs in US and Europe to restructure [update: SOA statement]]]>http://www.joystiq.com/2012/03/30/sega-canceling-games-cutting-jobs-in-us-and-europe-to-restructu/http://www.joystiq.com/2012/03/30/sega-canceling-games-cutting-jobs-in-us-and-europe-to-restructu/http://www.joystiq.com/2012/03/30/sega-canceling-games-cutting-jobs-in-us-and-europe-to-restructu/#comments Sega's forecasts for the fiscal year ending March 31 have been adjusted down -- expected net income is down 47.4% -- and Sega Sammy's board of directors have enacted a drastic plan to reduce operating costs in the future.

Sadly, this plan involves the "streamlining" of Sega's operations in the US and Europe, to "create a smaller company positioned for sustained profitability." There is currently no word on how many jobs are being cut, or where, to create this smaller company.

The plan also includes a narrowing of Sega's lineup, to focus on franchises that the company expects to sell in the US and Europe, including Sonic, Football Manager, Total War, and Aliens. That refocusing means some games have been canceled, though specific titles were not announced.

Sega's "extraordinary loss" (caused in part by costs from this restructuring) will see the company's expected profits drop from 38 billion yen ($462 million) to 20 billion yen ($243 million,) with sales revenue dipping about a half-billion dollars. The cancellation of these projects and this reform is estimated to have a 7.1 billion yen ($86.5 million) price tag.

Update: After the break, find Sega of America's full statement.

Continue reading Sega canceling games, cutting jobs in US and Europe to restructure [update: SOA statement]

JoystiqSega canceling games, cutting jobs in US and Europe to restructure [update: SOA statement] originally appeared on Joystiq on Fri, 30 Mar 2012 09:35:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>3dsdsfinanciallayoffsmicrosoftnintendopcplaystationps3restructuringsegasega-sammy-holdingswiixboxFri, 30 Mar 2012 09:35:00 EST<![CDATA[Report: Rare replacing full-time artists with contractors]]>http://www.joystiq.com/2011/02/16/report-rare-replacing-full-time-artists-with-contractors/http://www.joystiq.com/2011/02/16/report-rare-replacing-full-time-artists-with-contractors/http://www.joystiq.com/2011/02/16/report-rare-replacing-full-time-artists-with-contractors/#comments Edge reports that Microsoft's UK-based Rare studio is shifting from using permanent art staff to contract workers. According to Edge's sources, the studio is making a calculated move to narrowly dodge a "full consultation process" under European Union employment laws, whereby layoffs of twenty or more employees need to be announced at least thirty days before the first dismissal. Rare is reportedly in the process of cutting 19 staff, reducing its current art department of 42 employees to 23.

The remaining 23 full-time employees (or fewer) -- supposedly more than 20 staffers have already taken the "very generous voluntary redundancy packages" -- will now fill new managerial positions, "in name or fact," according to a source, meaning that "the actual artists" will all be contractors in the future. The long term play here is to avoid paying wages during downtime (cutting contractors is a lot easier than laying off full-timers) and to wriggle out of pesky, strict European employment legislation. A contract worker needs two years of employment in a position to have the same rights as a full-time employee in the region.

Now, we have to wonder: After all the artists are converted, who's next?

JoystiqReport: Rare replacing full-time artists with contractors originally appeared on Joystiq on Wed, 16 Feb 2011 18:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>contractorslayoffsmicrosoftRarerestructuringxboxWed, 16 Feb 2011 18:00:00 EST<![CDATA[Final Fantasy XIV team restructuring, PS3 version delayed]]>http://www.joystiq.com/2010/12/10/final-fantasy-xiv-team-restructuring-ps3-version-delayed/http://www.joystiq.com/2010/12/10/final-fantasy-xiv-team-restructuring-ps3-version-delayed/http://www.joystiq.com/2010/12/10/final-fantasy-xiv-team-restructuring-ps3-version-delayed/#commentsWe've got bad news and we've got worse news. First, the bad news: The PS3 version of Final Fantasy XIV, originally due March of next year, has been delayed indefinitely.

The worse news is that it's been delayed because the PC game is such a disaster. In an announcement released to the FFXIV community, Square Enix CEO Yoichi Wada apologized for the fact that the game isn't very enjoyable ... and then said that the FFXIV team is restructuring, with new leadership stepping in. Producer Hiromichi Tanaka is out, with Naoki Yoshida taking over as producer/director, and many other positions are also being restaffed. The new team is now working on "a concrete plan outlining Final Fantasy XIV's new direction." Until that new plan is implemented, the game's free trial period will continue.

And so, with the PC version currently a directionless mess, Square Enix wisely decided not to base the PS3 version on that, but instead on whatever the post-restructuring game will be. There's good news, then: Square Enix stopped making what would have been a terrible PS3 game.

JoystiqFinal Fantasy XIV team restructuring, PS3 version delayed originally appeared on Joystiq on Fri, 10 Dec 2010 10:35:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>delaysfinal-fantasy-14final-fantasy-xivmmopcplaystationps3restructuringsquare-enixyoichi-wadaFri, 10 Dec 2010 10:35:00 EST<![CDATA['Seasonal roll-offs' hit EA for third year in a row]]>http://www.joystiq.com/2010/10/27/seasonal-roll-offs-hit-ea-for-third-year-in-a-row/http://www.joystiq.com/2010/10/27/seasonal-roll-offs-hit-ea-for-third-year-in-a-row/http://www.joystiq.com/2010/10/27/seasonal-roll-offs-hit-ea-for-third-year-in-a-row/#comments Following scattered reports of EA layoffs on Twitter, Joystiq confirmed with the company this afternoon that "seasonal roll-offs" have begun in the wake of the publisher's holiday release schedule. EA corporate communication spokesperson Jeff Brown explained:
"As you know, seasonal roll-offs that follow game launches are common and vital to maintaining a healthy business. Because so many of our games ship in the holiday quarter, the team size adjustments tend to follow in the same timeframe. However, EA is growing and several of our studios are looking to hire talented people."
Notably, this is (at least) the third year in a row that layoffs hit EA in the holiday season -- also like previous years, we'll have to wait and hear more when the company speaks about financials publicly on its quarterly investor's call this November 2. For now, EA wouldn't confirm which studios or how many folks were being affected by the firings. As always, we'd like to extend our best wishes to all parties involved. If you'd like to share more information regarding the layoffs, don't hesitate to get in contact.

Update: According to a report on Shacknews, "as many as 100 employees" have been affected thus far, with EA Canada and EA Black Box both specifically named. The NBA Elite 11 and Skate 3 teams are said to be hit hardest.

Joystiq'Seasonal roll-offs' hit EA for third year in a row originally appeared on Joystiq on Wed, 27 Oct 2010 18:17:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>eaelectronic-artsjeff-brownlayoffsrestructuringseasonal-roll-offsWed, 27 Oct 2010 18:17:00 EST<![CDATA[Realtime Worlds suffers layoffs and downscaling of second, unannounced project]]>http://www.joystiq.com/2010/07/07/realtime-worlds-suffers-layoffs-and-downscaling-of-second-unann/http://www.joystiq.com/2010/07/07/realtime-worlds-suffers-layoffs-and-downscaling-of-second-unann/http://www.joystiq.com/2010/07/07/realtime-worlds-suffers-layoffs-and-downscaling-of-second-unann/#commentsFiled under: , ,

Only one week out from the game's official release, APB development house Realtime Worlds confirmed today (via Develop) that "a small number of staff will be made redundant, and a second unnamed project will be downscaled." Oddly enough, the studio also announced that it's still hiring. Rather than commenting on specifics of the layoffs, Realtime CEO Gary Dale noted: "We now have to focus our efforts and resources on running APB as a 24 / 7 online live operations, creating new content and services for the future and ensuring the best possible experience for players."

Dale also assured that the restructuring doesn't have to do with the reception of the new MMO at retail, saying, "APB experienced a very smooth launch for an online dedicated game along with a great reception from consumers and we're immensely proud of the game the team has produced." We've followed up with RTW for more specifics, and we'd like to offer our consolences to anyone at the studio that lost their job.

JoystiqRealtime Worlds suffers layoffs and downscaling of second, unannounced project originally appeared on Joystiq on Wed, 07 Jul 2010 16:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>all-points-bulletinAPBgary-dalelayoffspcrealtime-worldsrestructuringWed, 07 Jul 2010 16:40:00 EST<![CDATA[THQ lays off 60, focuses Juice Games, Rainbow Studios on downloads]]>http://www.joystiq.com/2010/02/03/thq-lays-off-60-focuses-juice-games-rainbow-studios-on-downloa/http://www.joystiq.com/2010/02/03/thq-lays-off-60-focuses-juice-games-rainbow-studios-on-downloa/http://www.joystiq.com/2010/02/03/thq-lays-off-60-focuses-juice-games-rainbow-studios-on-downloa/#commentsTHQ announced a bit of restructuring today, which means, sadly, layoffs. The publisher announced that it's refocusing Juiced developer Juice Games and MX vs. ATV/Deadly Creatures developer Rainbow Studios for content intended for digital distribution. The studios will be renamed THQ Digital Studios Warrington and THQ Digital Studios Phoenix, respectively. About 60 total staff are being laid off as part of this restructuring. Juice Games was already subject to layoffs in late 2008.

The studios will develop games for "all major digital platforms, including Xbox Live Arcade, PlayStation Network, iPhone and iPad" -- so much for WiiWare and DSiWare -- and will also work together on a community platform to be used across THQ's lineup of core games.

JoystiqTHQ lays off 60, focuses Juice Games, Rainbow Studios on downloads originally appeared on Joystiq on Wed, 03 Feb 2010 17:50:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Appledigital-distributionipadiPodjuice-gameslayoffsMicrosoftpsnrainbow-studiosrestructuringthqthq-digital-studiosxblaXbox-360Wed, 03 Feb 2010 17:50:00 EST<![CDATA[Sony 'restructuring' Studio Liverpool]]>http://www.joystiq.com/2010/01/28/sony-restructuring-studio-liverpool/http://www.joystiq.com/2010/01/28/sony-restructuring-studio-liverpool/http://www.joystiq.com/2010/01/28/sony-restructuring-studio-liverpool/#commentsThings sound pretty rough for Sony's SCE Studio Liverpool. Following the merging of Wipeout HD developer Studio Liverpool (formerly Psygnosis) with Evolution Studios, Sony Computer Entertainment announced that it is "restructuring" the studio. According to GamesIndustry.biz, it is currently unknown how many jobs will be affected. Evidently, Sony is looking to relocate staff rather than lay them off, though, as GI puts it, "some redundancies may be necessary."

In a statement, SCE said that "production on a number of projects within Studio Liverpool will cease immediately due to project prioritisation," and assured that "this decision will have no impact of the role that the North West Studio Group will play in the future of all PlayStation platforms." Except, of course, for the part of its role that included making those unspecified projects.

JoystiqSony 'restructuring' Studio Liverpool originally appeared on Joystiq on Thu, 28 Jan 2010 19:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>layoffsrestructuringSCESCEESonysony-computer-entertainmentSony-Computer-Entertainment-Europestudio-liverpoolwipeout-hdThu, 28 Jan 2010 19:00:00 EST<![CDATA[THQ reorganizes management into three distinct divisions]]>http://www.joystiq.com/2009/06/24/thq-reorganizes-management-into-three-distinct-divisions/http://www.joystiq.com/2009/06/24/thq-reorganizes-management-into-three-distinct-divisions/http://www.joystiq.com/2009/06/24/thq-reorganizes-management-into-three-distinct-divisions/#comments
The "New THQ" keeps rolling forward as the company reorganizes to support three key strategies: Core, "Kids, Family and Casual" and Online. The business units will each have an executive vice president who reports to THQ CEO Brian Farrell.

The new alignment certainly makes it very clear whose head goes on the platter when a division is failing. Or, in the more polite words of CEO Farrell, "The new structure specifically aligns our primary business units with our product strategy, enabling each team to focus on planning and execution in highly defined product areas with full profit and loss responsibility." Of course, if all three divisions fail -- which has been THQ's fate of late -- we expect those new branches of the company will be getting a new boss.

JoystiqTHQ reorganizes management into three distinct divisions originally appeared on Joystiq on Wed, 24 Jun 2009 16:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>brian-farrellbusinessrestructuringthqWed, 24 Jun 2009 16:00:00 EST<![CDATA[THQ announces Q3 results, names new CFO to oversee company's restructuring]]>http://www.joystiq.com/2009/02/04/thq-announces-q3-results-names-new-cfo-to-oversee-companys-res/http://www.joystiq.com/2009/02/04/thq-announces-q3-results-names-new-cfo-to-oversee-companys-res/http://www.joystiq.com/2009/02/04/thq-announces-q3-results-names-new-cfo-to-oversee-companys-res/#commentsFiled under:

As it prepares to act on drastic cost cutting measures, THQ has announced the appointment of Paul J. Pucino as executive vice president and (most importantly) chief financial officer. Pucino is assuming the position -- which was left unoccupied by Colin Slade, who is on "indefinite medical leave of absence" -- effective immediately.

The appointment comes in the wake of THQ's Q3 financial report, in which the company reported a net loss of $191.8 million for the three months ended December 31, 2008. $70 million in cuts to product development for fiscal year 2010 are planned as the publisher attempts to remain afloat.

Source - THQ Appoints Paul J. Pucino Executive Vice President and Chief Financial Officer
Source - THQ Reports Fiscal 2009 Third Quarter Result

JoystiqTHQ announces Q3 results, names new CFO to oversee company's restructuring originally appeared on Joystiq on Wed, 04 Feb 2009 18:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>financialsrestructuringthqWed, 04 Feb 2009 18:20:00 EST<![CDATA[Report: Stringer wants Sony focusing on software, 'old guard' resisting]]>http://www.joystiq.com/2009/01/21/report-stringer-wants-sony-focusing-on-software-old-guard-re/http://www.joystiq.com/2009/01/21/report-stringer-wants-sony-focusing-on-software-old-guard-re/http://www.joystiq.com/2009/01/21/report-stringer-wants-sony-focusing-on-software-old-guard-re/#commentsFiled under: ,


Sony is reportedly planning to announce details of a restructuring scheme soon, confirming its first operating loss in 14 years. According to previous reports, the manufacture consider closing plants and, possibly, whole divisions.

According to the Financial Times, Sony CEO Howard Stringer is facing serious resistance from the 'old guard' in Japan to fix (or save, depending on your perspective) the company. Certainly one of the more interesting pieces coming out of the alleged plan is Stringer's goal to shift Sony's focus from hardware to software. If true, the PlayStation brand, along with Sony Computer Entertainment, would presumably be the main benefactors of such an upheaval.

Source - Sony to announce restructuring details soon: FT (Reuters)
Source - Stringer battles Sony 'old guard' ... (FT.com, registration required)

JoystiqReport: Stringer wants Sony focusing on software, 'old guard' resisting originally appeared on Joystiq on Wed, 21 Jan 2009 11:48:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>financial-timesftPS3PSPrestructuringrestructuring-plansonyWed, 21 Jan 2009 11:48:00 EST<![CDATA[EA details restructuring plan, laying off 10% of employees]]>http://www.joystiq.com/2008/12/19/ea-details-restructuring-plan-laying-off-10-of-employees/http://www.joystiq.com/2008/12/19/ea-details-restructuring-plan-laying-off-10-of-employees/http://www.joystiq.com/2008/12/19/ea-details-restructuring-plan-laying-off-10-of-employees/#commentsFiled under:


Sad news from EA: The company plans to lay off 10% of its workforce, representing about 1,000 jobs, by March 31, 2009. The new figure represents a 4% increase from the previously stated layoffs announced in October. EA's restructuring plan, which also includes "consolidating facilities," is expected to cut annual costs by $120 million.

Nine studios and publishing locations will be closed by the company, including Black Box Studio (Need for Speed) in Vancouver, British Columbia, which will move its remaining staff to EA's studio in Burnaby, BC -- the company recently killed plans for a third Canadian studio. The publisher also states it plans to focus on hit games with "higher margin opportunities." Although EA claims it's "committed to taking creative risks," there's nothing more that gamers gobble up like a good sequel ... year, after year, after year.

JoystiqEA details restructuring plan, laying off 10% of employees originally appeared on Joystiq on Fri, 19 Dec 2008 10:05:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>breakingnewseaea-black-boxElectronic-ArtslayoffsrestructuringFri, 19 Dec 2008 10:05:00 EST<![CDATA[SCEA lays off 80-100 employees [Update]]]>http://www.joystiq.com/2007/06/06/scea-lays-off-80-100-employees/http://www.joystiq.com/2007/06/06/scea-lays-off-80-100-employees/http://www.joystiq.com/2007/06/06/scea-lays-off-80-100-employees/#comments
Sony's game division was first reported to be undergoing restructuring back in April and now, we're catching word that layoffs have begun. Two months back, only Sony Computer Entertainment Europe (SCEE) was going to have to bear the brunt of restructuring by eliminating up to 160 jobs. Now, word is coming in about 80-100 layoffs from Sony Computer Entertainment America (SCEA). Apparently, much like an "American Idol elimination episode," teams were split amongst between those being asked to leave and those likely asked to take on the other team's workload. Severance packages were provided but no one was asked to "finish out the rest of the day," instead being told to come back after hours or ask management to collect their belongings. SCEA's PR man Dave Karraker, told Kotaku earlier that "it was necessary to analyze our current business and to restructure the company as necessary," which more or less validates the layoffs as a necessity. No official word from SCEA on if more layoffs were planned or what potential gaming fallout may occur from this restructuring.

[Update: When asked if PS3 sales were the direct cause of the SCEA layoffs, Dave Karraker declined and said, "this move is not wholly related to any one product in our portfolio." So there you have it.]

JoystiqSCEA lays off 80-100 employees [Update] originally appeared on Joystiq on Wed, 06 Jun 2007 13:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>dave karrakerDaveKarrakerlayoffsrestructuringsceaSCEEsony computer entertainment americasony computer entertainment europeSonyComputerEntertainmentAmericaSonyComputerEntertainmentEuropeWed, 06 Jun 2007 13:45:00 EST