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Icahn's Blockbuster Deal May Keep Antioco On Board
A slate of three directors, including Carl Icahn, won a shareholder vote and appointment to the video rental company's board.
CEO John Antioco and Carl Icahn have sparred for months, most notably on a recent conference call where the operator cut off Mr. Icahn's combative comments. Shareholders seem not to have been put off by Mr. Icahn's approach.
Mr. Icahn and two other directors, Ed Bleier and Strauss Zelnick, won election to the board on Wednesday. Both men are veterans of the entertainment industry.
They will likely seek to reinstate Mr. Antioco as chairman of the board. Failing to do so would be a breach of contract, enabling Mr. Antioco to claim a $54 million USD severance settlement. Mr. Antioco stormed out of Wednesday's shareholder meeting when it became apparent he was going to lose the election.
Blockbuster's board consists of eight members, and the existing members would probably support Mr. Antioco should he return. A statement released by Blockbuster indicates they expect to have "continuity in management."
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David Utter is a staff writer for WebProNews covering technology and business. Email him here.
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David Utter
