Board reinstates chairman-CEO in special meeting
WASHINGTON — After stockholders swept Carl Icahn and his slate of dissident directors onto Blockbuster’s board last week in a sharp rebuke to longtime chairman-CEO John Antioco, who lost his own seat in the process, the newly elected board moved quickly to reinstate Antioco.
In a special meeting by telephone conference call on Friday, the board voted unanimously to create a new seat and to appoint Antioco to fill it, the company said. It then re-elected him chairman and retained him as CEO.
“I am pleased that both the incumbent and new directors have asked me to continue to serve as Blockbuster’s chairman in the interests of building shareholder value,” Antioco said in a statement. “I believe that Blockbuster has a world-class brand, great employees and franchisees and a strong potential for future success.”
Had the board not reappointed Antioco, under the terms of his employment contract he would have been eligible to leave the company with a $54 million severance package.