John Antioco. LOS ANGELES/NEW YORK, March 20 (Reuters) - Blockbuster Inc. BBI.N Chairman and Chief Executive John Antioco will leave by year-end after agreeing to a smaller 2006 bonus to resolve a dispute over his pay package, the video rental chain said on Tuesday. In the end, Antioco and the company struck a deal to have him receive a reduced severance and stay on until a new CEO was named. Former CEO, Blockbuster, Taco Bell; Former Chairman, Main Street Restaurant Group H.G. All quotes delayed a minimum of 15 minutes. JOHN F. ANTIOCO is Chairman and Chief Executive Officer of Blockbuster Inc., the world’s leading provider of rentable home entertainment with $5 billion in … Your Target Bonus for the calendar years 2002 through 2006 shall be 150% of Salary and the annual rate of Deferred Compensation for such year." Blockbuster shares ended down 3.5 percent at $6.86. Consider the package for C. John Wilder in his first year as the TXU Corporation's chief executive: $1 million in salary, a $16 million bonus and $37 million in long-term incentives. Number of employees at Fire Department in year 2018 was 18243. In the most recent dispute, Icahn and the rest of the board tried to withhold a chunk of Antioco… COMPENSATION. In 2007, then-CEO John Antioco was fired after a salary dispute. View John M. Antioco’s profile on LinkedIn, the world's largest professional community. John Antioco, Blockbuster's former CEO, said he and Netflix CEO Reed Hastings discussed a merger in 2007. Blockbuster gave CEO millions in stock in '04. Content is available under Creative Commons Attribution-ShareAlike License unless otherwise noted. “He is not a long-term investor.”. John M. Antioco is on Facebook. This was the issue that broke the camel's back. John F. Antioco December 21, 2001 Page 2 4. John Antioco, who has been the CEO for nearly a decade, will leave the company by the end of the year, the company announced Tuesday. Just click the "Edit page" button at the bottom of the page or learn more in the Biography submission guide. LOS ANGELES/NEW YORK, March 20 (Reuters) - Blockbuster Inc. Chairman and Chief Executive John Antioco will leave by year-end after agreeing to a smaller 2006 bonus to resolve a dispute over his pay package, the video rental chain said on Tuesday. The company’s pay packages come fully as salary, ... Randolph remembers flying with Hastings to Dallas to try to convince Blockbuster CEO John Antioco to buy Netflix for $50 million. So much so that in 2000 when Netflix offered a joint venture to Blockbusters for $50 million based on their growing business, CEO John Antioco literally waved them away. Gary Donihoo Photographer, f8 studio $127,000. June 18, 2004. In 2007, then-CEO John Antioco was fired after a salary dispute. This page was last modified on 7 November 2015, at 16:48. The company is currently searching for a replacement for CEO John Antioco, who is also scheduled to depart on December 31. See the full gallery John Antioco Overview John Antioco has been associated with ten companies, according to public records. Average annual salary was $71,339 and median salary was $72,861. The Board refused. The video rental chain's chief exec John Antioco will depart by the end of the year -- taking a reduced severance package with him March 20, 2007, 4:59 PM EDT Blockbuster Fast-Forwards CEO's Exit The board had previously conditionally offered Antioco $2.3 million while the CEO said he was entitled to $7.7 million under his previous employment agreement and … It looks like we don't have any Biography for John Antioco yet.. Be the first to contribute! She said Icahn appeared to want to improve the debt-plagued company’s cash flow position to boost its share price or position it for sale to a private equity investors. A turnaround specialist who was at Blockbuster's helm for a decade, Antioco had been under pressure from board members to cut costs rather than invest aggressively in the online business that competes with Netflix Inc. We recommend using Page 2 . In the year 2000, Netflix was offered to Blockbuster for $50 million. Our Standards: The Thomson Reuters Trust Principles. John Antioco is an American businessman, known for being the former CEO of Blockbuster Video.He is the chairman of the board of directors at Red Mango and the Managing Partner of JAMCO Interests LLC. What’s more, Netflix, then a mail-order DVD provider, was looking at an annual loss of around $50 million. Microsoft Edge. Copyright © 2021, Thomson Reuters. Antioco, 57, will now walk away with an estimated $24.7 million package, plus 5 million stock options that vest by Dec. 31 and can be exercised for the following 30 months. Icahn told Reuters Antioco’s pay package was an issue for him. Asking how much someone makes ... John Antioco Chairman & CEO, Blockbuster $1,633,333. Posted on: Saturday, April 2, 2005. Chief Executive John Antioco, 62, will leave the Dallas-based company by the end of the year, having received $8 million in bonus and severance by then. Netflix shares rose 5.2 percent to $22.48. Learn more about FindLaw’s newsletters, including our terms of use and privacy policy. Google Chrome, Five of the companies are still active while the remaining five are now listed as inactive. John Antioco received a salary of US$ 7 million, 5 million stock options, and US$ 27 million from the restricted stock in 2004 while Blockbuster Inc. recorded a loss of US$ 1.25 billion, the annoying situation generated panic among the large shareholders like Carl Icahn, who claimed Antioco to pay large dispute following the failure to merger with Hollywood Entertainment. Last year, Blockbuster CEO John Antioco agreed to step down after Icahn initiated a campaign to cut his salary. His replacement, Jim Keyes, reversed the company’s online strategy to focus on … But a source close to Blockbuster said continued conflict over his compensation package was the final straw for the CEO. A turnaround specialist who was at Blockbuster's helm for a decade, Antioco had been under pressure from board members to cut costs rather than invest aggressively in the online business that competes with Netflix Inc. NFLX.O. John Antioco SAN ANTONIO — The chairman and chief executive of Blockbuster Inc. will leave by the end of the year, ending a high-profile salary squabble with the movie-rental company's board, it announced Tuesday. But Pali Capital analyst Stacey Widlitz said the market’s perception was that Blockbuster would curb spending on its online service after Antioco’s departure. Compensation/Deferred Compensation. The then Blockbuster CEO, John Antioco, definitely lacked the vision to see the future of the home-video industry. Antioco, 57, will now walk away with an estimated $24.7 million package, plus 5 million stock options that vest by Dec. 31 and can be exercised for the following 30 months. His replacement, Jim Keyes, reversed the company’s online strategy to focus on … "Carey" Carrington Jr. Former CFO, California Pizza Kitchen, Raising Cain's, U.S. Incorporated which has been approved), to serve on civic, charitable, educational, religious, public interest or public service boards and to manage your personal and family investments, in each case, to the extent such activities do not materially interfere with the performance of your duties and responsibilities hereunder. John F. Antioco December 21, 2001 Page 2 4. DALLAS — Movie-rental giant Blockbuster Inc., which lost $1.25 billion last year, boosted chief executive John F. Antioco's pay to $7 million in salary and bonus, restricted stock eventually worth $26.8 million, and options for 5 million more shares. In January, the board awarded Antioco a 2006 bonus of $2.28 million on top of salary and deferred compensation of about $2.5 million, rather than the $7.65 million bonus to … John Antioco, the CEO at the time, is now widely considered a buffoon, a moron, an idiot and worse. Compensation/Deferred Compensation. His replacement, Jim Keyes, reversed the company’s online strategy to focus on retail. I like him personally and wish him well in the future.”. Antioco, who quit Blockbuster in July, earned a salary and deferred compensation of $1.4 million as part of an $11.6 million package in 2007, according to the public filing. Blockbuster gave CEO millions in stock in '04. John F. Antioco December 21, 2001 Page 2 4. In 2007, then-CEO John Antioco was fired after a salary dispute. The truth is much more complex, interesting and troubling. That includes a 2006 bonus of $3.05 million, reduced from $7.65 million; a $4.99 million lump sum payment, compared with the $13.5 million that he would have been entitled to if he had been terminated without cause under his previous contract; and a 2007 salary of $1.25 million, bonus of $2,025,000 and deferred compensation of $1.45 million. ... senior vice president of Salary… John Antioco spent many of his formative years at the Boys Club in Long Island, where he developed the values, confidence and skills that later helped him become a major influence in the business and entertainment world. Blockbuster has traveled a rocky road since it was spun off from Viacom Inc. in 2004. Please try again. However, the declination of the company towards Netflix as one of several fatal mistakes that eventually doomed the video rental company. Icahn declined to name any candidates for CEO but said, “I think the company in the future should be more aggressive, especially in the digital area.”. How does your salary stack up? Plus he wanted to obtain a lofty bonus through executive compensation. Mr. Icahn abandoned plans to take control of Blockbuster last year in a tacit show of support for Antioco. Blockbuster on Tuesday said it had settled its long-simmering pay dispute with Chairman and CEO John Antioco, striking a deal that calls for him to step down later this year with a reduced pay and bonus package.. Plus, they had just gone through an initial public offering (IPO) that raised $465 million for the company. Blockbuster has settled its long-simmering pay dispute with Chairman and CEO John Antioco, striking a deal that calls for him to step down later this year with a reduced pay and bonus package. Blockbuster has settled its long-simmering pay dispute with Chairman and CEO John Antioco, striking a deal that calls for him to step down later this … On March 20th John Antioco, the boss of Blockbuster, a video-rental firm, ... Base salary has stabilised, though it was never the fastest-growing part of pay. John Antioco, Self: Netflix vs. the World. Billionaire investor Carl Icahn, who has a seat on Blockbuster’s board, tried to oust Antioco during a 2005 proxy battle, but was prevented by a $54 million severance package. Keyes will receive a smaller salary than Antioco — $750,000 vs. $1.25 million — but will be eligible for bonuses no smaller than $500,000 under his three-year contract. "Carey" Carrington Jr. Former CFO, California Pizza Kitchen, Raising Cain's, U.S. (Additional reporting by Tiffany Wu and Martha Graybow). Sign in to disable ALL ads. Things came to a head in 2007 when, after a salary dispute, Antioco was fired. John Antioco Long Island, New York Businessman. As former CEO John Antioco explains in a HBR article (and nobody disputes his facts), after initially dismissing Netflix as a niche player, his team soon saw the writing on the wall and moved quickly to discontinue late fees and invest heavily in an online platform. By David Koenig Associated Press. (Adds comments from Icahn and a source close to Blockbuster). The companies were formed over a thirty-one year period with the most recent being incorporated nine years ago in July of 2011. I don’t cry for the pampered executives, with their perks and golden parachutes, who can soothe their wounds with a nice bottle of chardonnay by the golf course (while laid off “The impact should be positive short term, because ... Icahn wants the share price to go up,” Wedbush Morgan analyst Michael Pachter said. But Citigroup analyst Tony Wible viewed the change as “disruptive during this critical transition period,” adding that Antioco could pressure the share price by selling his estimated 3 percent stake in Blockbuster. Listen to the audio pronunciation of John Antioco on pronouncekiwi. Stay up-to-date with FindLaw's newsletter for legal professionals, Employment Agreement - Blockbuster Inc. and John F. Antioco. “This revised employment agreement allows for management continuity and ample opportunity for an orderly succession by the end of the year,” Antioco said in a statement. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Former CEO, Blockbuster, Taco Bell; Former Chairman, Main Street Restaurant Group H.G. Facebook gives people the power to … Shari Johns Posted on: Saturday, April 2, 2005. Antioco announced in March that he would leave the company by year-end after an unusually public multiyear feud with Carl Icahn, who is both a Blockbuster director and the company’s largest shareholder. Antioco is best known for declining an offer, from Reed Hastings, to purchase Netflix for $50 million in 2000, while CEO of Blockbuster. However, take a closer look and the story isn’t so simple. DALLAS — Movie-rental giant Blockbuster Inc., which lost $1.25 billion last year, boosted chief executive John F. Antioco's pay to $7 million in salary and bonus, restricted stock eventually worth $26.8 million, and options for 5 million more shares. John F. Antioco. Begin typing to search, use arrow keys to navigate, use enter to select. Firefox, or At the same time, revenues have shrunk and profits have been spotty as the store-based rental industry entered what appeared to be a long contraction. Nevertheless, the company's chief exec, John Antioco, believes he's due millions more in bonus money than the almost $2.3 million that Blockbuster's board already has given him. It undermines accountability.”, Icahn, who regularly rails against overcompensated CEOs at underperforming companies, said of Antioco: “It’s not a personal thing. See here for a complete list of exchanges and delays. I don’t cry for the pampered executives, with their perks and golden parachutes, who can soothe their wounds with a nice bottle of chardonnay by the golf course (while laid off By David Koenig Associated Press. Antioco was also partially to blame since he already received a monumental salary in the tens of millions. “I’ve said from the start that I found the contract to be unconscionable,” he said. John F. Antioco July 15, 1999 Page 2 3. Internet Explorer 11 is no longer supported. (a) SALARY: For all the services rendered by you in any capacity hereunder, Blockbuster agrees to pay you the sum of One Million Three Hundred Thousand Dollars ($1,300,000) per annum ('Salary') for the balance of the 1999 calendar year, payable in accordance with … John Antioco, who has led the company since 1997, has repeatedly clashed in the past two years with billionaire investor Carl Icahn, who is on the board and holds about 10 percent of Blockbuster's stock. Check out our gallery. Join Facebook to connect with John M. Antioco and others you may know. The email address cannot be subscribed. But in the most recent quarter, Blockbuster appeared to have turned a corner, with plans for paying down debt and growing its online business. That includes a 2006 bonus of $3.05 million, reduced from $7.65 million; a $4.99 million lump sum payment, compared with the $13.5 million that he would have been entitled to if … All rights reserved. John Antioco. Ever wonder what A Christmas Story star Peter Billingsley and other adorable kids from holiday movies look like now? John M. has 8 jobs listed on their profile. Gretchen Morgenson column examines salary, bonuses and stock options received by Blockbuster Inc's longtime chief executive John F Antioco, … Keyes will replace John Antioco, ... As Blockbuster's CEO, he will receive an annual salary of at least $750,000 and a bonus of at least $500,000 under a three-year contract. Restaurant Properties Ray Hemmig. He also refused a proposal from Netflix to run Blockbuster's online presence.. John Antioco was a member of the board of governors of the Boys & Girls Clubs of America. Your Target Bonus for the calendar years 2002 through 2006 shall be 150% of Salary and the annual rate of Deferred Compensation for such year." The news drove Blockbuster shares down more than 6 percent as investors worried that the company would slow spending on its online DVD rental service after Antioco’s departure. The video rental chain's chief exec John Antioco will depart by the end of the year -- taking a reduced severance package with him March 20, 2007, … Three years later, Blockbuster went bankrupt. The company restructured its debt three times to avoid bankruptcy, fought off false advertising lawsuits and waged a costly price war against rival Netflix.
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