THQ is initiating a 'restructuring plan' which will result in up to 240 job losses and a one-year 50% pay cut of company CEO Brian Farrell, as reported in a recent company financial document.

For the most part, many of the planned cuts will be implemented by March 31, with some being pushed to September, and the aforementioned salary cut (from $718,500 to $359,250) beginning on February 13. THQ expects the restructuring plan to cost as much as 11 million dollars, with $8 million to go into severance costs, $500,000 into contract terminations, and up to $2.5 million into charges related to other fixed assets.

This move is the second major change to impact the company this year, as THQ revealed plans to exit the licensed kids' games market to focus on core franchises and digital endeavors. The restructuring plans also follows a warning that THQ will be delisted from the NASDAQ stock exchange unless its share price (0.76 as of this writing) is improved within six months.