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]