Blockbuster CEO Will Resign

Blockbuster’s CEO John “Late Fee” Antioco will resign this year, according to Blockbuster. From the New York Times:

The video-rental chain, which has struggled to compete with changing movie-viewing habits and upstart services such as Netflix, said Tuesday that Mr. Antioco, who has led the company since 1997, would step down by the end of the year. The agreement drew praise from activist investor Carl Icahn, who sits on Blockbuster’s board. In previous years, Mr. Icahn has sparred with Mr. Antioco about how to run the company and how much Mr. Antioco gets paid.

“Late Fee” Antioco will be collecting $5 million when he resigns. —MEGHANN MARCO

Blockbuster Chief to Resign This Year [NYT]

Comments

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  1. bluwapadoo says:

    No Late Fees:
    Membership rules apply for rentals. Rentals are due back at the date and time stated in the transaction receipt. There is no additional rental charge if a member keeps a rental item upto 7 days beyond the prepaid rental period. After 7 days beyond the due date, BLOCKBUSTER will automatically convert the rental to a purchase on the 8th day and will charge the member the selling price for the item in effect at the time of the rental, minus the rental fee paid. Member then has 30 days to return the product and receive a credit for the selling price charged, less a $1.25 stocking fee. These terms are available at participating stores only. Franchisee restocking fees may vary. See blockbuster.com for complete terms and conditions.

  2. MeOhMy says:

    Blockbuster doesn’t offer severance pay, but they will give you a nice parting gift.

  3. kerry says:

    What I want to know is how I may become the head of a large corporation and then fuck it up real bad. I want some millions of dollars in my pocket, and I’m sure I could do an equally good job of screwing up Blockbuster as this guy did.

  4. John Stracke says:

    @kerry:

    What I want to know is how I may become the head of a large corporation and then fuck it up real bad.

    Identity theft?

  5. synergy says:

    @kerry: You beat me to it. Seriously, if you fuck up, you shouldn’t be able to get ANY more cash beyond the day you came into the office.

  6. AlteredBeast (blaming the OP one article at a time.) says:

    If he doesn’t resign by the end of the year, $250,000 per every day late should be deducted from that $5m.

  7. CumaeanSibyl says:

    If it’s any consolation to Antioco, the fact that he’s only getting $5 mil must mean he didn’t fuck up nearly as bad as “Big Bob” Nardelli.

  8. Hoss says:

    Let’s face it — the video rental concept is over. So goes Mr Antioco.

  9. xredgambit says:

    Have to add to the no late fee comment on top. “After 7 days beyond the due date, BLOCKBUSTER will automatically convert the rental to a purchase on the 8th day and will charge the member the selling price for the item in effect at the time of the rental, minus the rental fee paid.”

    Take out the minus rental fee paid. Now it’s just the selling price. This is probably due to the fact that if you used a coupon, it would still take out the regual rental fee. Also if you happened to be on a pass membership of sorts it would also take out the regular rental fee.
    But Total access is a great service. But it sucks because blockbuster would “give” the stores $1.50 per exchange, but now we only get $3 per transaction, if the customer buys something.

  10. If it didn’t cost almost $9 to rent a game from Blockbuster for only a few days, they’d probably get more of my business. Hollywood charges only $3-4, no matter what “generation” the games are.

  11. potent1al says:

    @ Hossofcourse

    [blockquote]Let’s face it — the video rental concept is over. So goes Mr Antioco.[/blockquote]

    Yes I agree: The video rental concept is over. Eventually the online movie rental concept will too. That doesn’t mean you run away from the company. The companies that come and are innovaters are the ones that are here to stay, because they change with the times. For example, Google. Google came up quick, and will be around for a very long time.

    Blocbuster isn’t known for it’s innovation. Blockbuster is known for being a slimy bunch (especially with No Late Fees con they tried to get over on everyone.)

    Regardless of being that, Blockbuster should dominate completely over Netflix, but they don’t. Netflix innovated and surpassed them. They offered customer friendly, cheap ways of watching movies, DELIVERED to your front doorstep. What is a subscription for a month, what Blockbuster had been charging for 1 movie for ages? Now I hear they will be offering online viewing of these movies. True innovation.

    Though Blockbuster has been getting closer, with a recent move with their online service that will allow you instead of mailing it back, you have an option to turn it in at a local Blockbuster, and while your waiting for that to process, you can pick up another movie, free of charge. A pretty good idea in my opinion.

    Now see if they added a good selection of video games also, something even netflix doesn’t hold, they would become more popular. The thing is, they have neglected video games the same in their online services the same as they have in-store.

    I know this because when I go there the best games are rented out, and a lot of the games they have plainly suck, you would think they would have someone, at least 1 person in their employee roster to tell them what are good games, because having one copy of Halo and having 5 copies of Barbie Horse Adventure isn’t exactly catering to the type of market they want, especially when the 1 copy of Halo is sold out and they couldn’t even sell the Barbie games at the rental price they are offering.

    Lack of innovation and lack of customer care is the reason for a company to fail, not the changing of the time. A real company rises above that.