Blockbuster's Antioco Out by End of Year

By BetaNews Staff, BetaNews

March 20, 2007, 11:58 AM

Blockbuster CEO John Antioco, who oversaw the company's transition into the online rental business, will leave the company by the end of this year after 10 years with the company. The announcement came at the same time as a settlement was reached on his end of year bonus, which was far less than Antioco sought. He would also receive, as part of his severance package, less than is stated in his contract.

Antioco led the push into online rentals after Netflix's success began to cut into the company's bottom line. The result has been a sweeping restructuring of the company, which has cut into profits. While it isn't exactly clear if the company's financial health had anything to do with the changes, billionaire investor Carl Icahn was said to have led the charge to reduce the bonus and his severance package.