Blockbuster CFO Has Left The Building

With the countdown clock still ticking on what many see as Blockbuster Video’s inevitable bankruptcy filing, comes news that the once-great movie rental company’s Chief Financial Officer and Executive Vice-President (one guy, two titles) stepped down over the weekend.

Blockbuster didn’t make a formal announcement about the departure of CFO Thomas Casey, who had been with the company for three years. Instead, the exit was only mentioned in a filing earlier today with the Securities and Exchange Commission. According to the filing, Casey’s last day was Sept. 11 and he exited the gig with a lump sum bonus of $100,000 and $7,000 in relocation expenses.

Casey’s replacement has already been named: Dennis McGill, CFO of Safety-Kleen.

Blockbuster’s Chief Financial Officer and Exec Vice President, Tom Casey, Has Called It Quits [Dallas Observer]

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Blockbuster Filing For Bankruptcy In September
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Comments

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  1. humphrmi says:

    LOL the former CFO of an industrial waste handling company is now the CFO of Blockbuster. Somehow, that’s appropriate.

  2. AnonymousCoward says:

    He made $3.4M in 2007, and $1M in both 2008 and 2009, and they let him go with a paltry $107k? Sad. Very sad.

    • hansolo247 says:

      Probably because there’s literally nothing left.

      Perhaps in order to give him a parachute, they would have to borrow money…and no one will lend anything to Blockbuster other than Ben Bernacke and Barack Obama.

      • Gulliver says:

        There is a lot of money left. It is just they can not give out large numbers before a BK filing without it coming back to haunt them with the judge. I think people need to understand the revenues of blockbuster. MOST companies would kill to have them. The problem was over expansion and bad leases, and overwhelming debt service.

  3. smo0 says:

    According to the filing, Casey’s last day was Sept. 11 and he exited the gig with a lump sum bonus of $100,000 and $7,000 in relocation expenses.

    For a CFO… that’s pretty shitty lol.

    • EJ25T says:

      Yes, but surely you or I could have performed just as well as that guy for the same amount of money.

      Aren’t the big $ golden parachutes that most disgraced chief officers come away with usually inflated with lots of stock options? Now that Blockbuster stock is pretty much worthless, maybe he missed his chance for a big payday.

  4. hansolo247 says:

    Bankruptcy is a given now.

    If they had any cash, they would have given it to him packed in a parachute.

    Thus, this leads me to believe they are literally out of money now. Bankruptcy will be filed this week, with 9/1 odds.

  5. CBenji says:

    How in God’s name does a waste handling company have any experience in a mass media company that is currently going down the tubes? What a way to really blunder a company. I would love to know if this guy has ever worked for a company that has been in bad shape before.

    • spamtasticus says:

      He was a CFO. Chief Financial Officer. The guy the brought in to replace him from the waste management company is a CFO as well. A CFO has nothing to do with Operations and therefore any well qualified comptroller can do the job. In this case his job will be to oversee the dismantling of the corporation from a financial point of view.

    • huadpe says:

      The CFO is the company’s chief accountant. I imagine being an accountant for a waste company and an accountant for an imploding movie rental place aren’t actually all that different (apart from the imploding).

    • jp7570-1 says:

      Remember that Blockbuster was bought and expanded by Wayne Huizenga – owner of Waste Management Inc..

  6. katknits says:

    If they finally close, will I have to pay the late fee they’ve been bugging me about?

    • Xtopher says:

      Good question. Is it possible that they sell off the past due accounts to collections agencies for pennies on the dollar to recoup whatever costs they can? I feel like a lot of failing companies do that.

  7. KingPsyz says:

    Hell yeah, get out now and cash in those options and pension before they’re disolved in the meltdown

  8. Sheogorath says:

    *Plays ‘taps’*
    ….No, wait, wrong tune.
    *Plays ‘Ding Dong the Witch is Dead’*

  9. LACubsFan says:

    Blockbuster SHOULD have made a deal with the redbox guy who wanted to invest and save the company.

  10. PsiCop says:

    One good thing about Blockbuster’s imminent demise has been the closeout sale at our local store, which is closing. Among other things, I scored a copy of Downfall for $2.

  11. dg says:

    Rats… fleeing… sinking… ship…

  12. dreamfish says:

    Physical media – how quaint.

  13. fuceefacee says:

    I can’t remember the last time I was in a Blockbuster or for that matter any video store. It’s an outdated business model. Blockbuster is sort of like the AOL of video rentals.

    • hotdogsunrise says:

      I don’t even know where there is a Blockbuster near me. I could look it up if I wanted to. But I don’t.

  14. drburk says:

    I like Blockbuster. I rent from my local store several times a month. Of course I don’t pay to rent I simple exchange my Blockbuster online discs and get a free rental. I prefer Blockbuster online over Netflix for that very reason, I can get free instant rentals in the store. If the store closes Blockbuster online will loose it’s advantage.

    • buzz86us says:

      I used to have blockbuster total access 3 at a time when it was $15 and you could exchange in store as much as you wanted then they doubled the price and I left for greener pastures (hello netflix & redbox). If they had made a deal with red box it would have been nice I personally want to see redbox go to a subscription based model where you can rent as much as you want for 15 bucks or something.

  15. donovanr says:

    They stopped renting betamax so I stopped going.

  16. Loias supports harsher punishments against corporations says:

    Perhaps a little unrelated, but I would vvoe to see a study on customer satisfaction versus the average length of tenure for executives at companies. It seems the companies that we all hate here tend to have execs who don’t stay long. And I wonder if lack of tenure equals poor customer service, or if bad execs equal poor customer service.

    I know the snarky ones will automatically say bad execs, but quality aside, can execs land with their feet running or will it always take some time for them to get their feet wet (at least from a standpoint of seeing the results).

    • Etoiles says:

      I would think it was the other way around: a floundering company will keep rotating execs to see if any can turn it around and make it successful again…

  17. WickedCrispy says:

    To everyone questioning job skill, “management” doesn’t work from the bottom up anymore. They get a Cracker Jack Box MBA from community college, are hired in thereby pissing off loyal longtime employees so they quit, and generally have no clue as to any inner workings of any business whatsoever, other than labor percentage and bonuses for cutting costs at, well, any cost, no matter the repercussion.