Blockbuster’s (BBI) CEO John Antioco is leaving. He has battled with the company’s big shareholder Carl Icahn about everything from his bonus to his strategy.
Blockbuster is constantly under siege. First it was NetFlix (NFLX) and selling DVDs over the internet to be sent through the mail. Blockbuster countered with its own service.
Then the Blockbuster model got a little more disruption. Apple (AAPL), Movielink, Amazon (AMZN), and a host of other companies are delivering movie digitally and often over the internet.
And, BBI is left with a lot of stores and a lot of employees that it does not need.
Antioco was actually a guy who did a lot with very little to work with. BBI stock moved up to over $7 recently from a 52-week low of $3.30.
Now he is leaving. And Icahn gets to stay behind with the problems.
Douglas A. McIntyre
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