Video game developer and publisher THQ announced Tuesday that the company has undergone a management shuffle.
Jack Sorensen, executive vice president of worldwide studios, has left the company. In lieu of Mr. Sorensen, three other execs have been promoted.
Roy Tessler is now the senior vice president of production and worldwide studios, Danny Bilson is the senior vice president of creativedevelopment, and Steve DeCosta has been promoted to senior vice president of product development, finance, and administration.
THQ announced earlier this year that the company had lost $35.4 million on $187 million in sales for the fourth quarter of fiscal 2008.That compared with a net profit of $6.5 million on $172.1 million in sales for the same period in 2007.
The management reorganization comes in time for the holiday season, a crucial period of time for THQ to make up for its losses. Having already released the well-received de Blob for the Wii, the company also plans to release Deadly Creatures, Saints Row 2, and WWE SmackDown vs. Raw 2009 later this year.
In a statement, THQ CEO Brian Farrell said the reorganization "creates a more efficient management structure, aligning Roy, Danny, and Steve as my direct reports," adding that he looks forward “to working directly with them to more expeditiously achieve our quality, predictability, and profitability targets."