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Keyes of 7-Eleven Takes Blockbuster Helm

DALLAS-James Keyes replaces John Antioco, who previously announced he would step down this year. The company will shutter another 282 stores.

By Marita Thomas | Updated on July 02, 2007

DALLAS-Effective July 2, James Keyes, the former president and CEO of 7-Eleven, has been appointed chairman and CEO of Blockbuster Inc. He replaces John Antioco, who has served as chairman and CEO of the locally based video rental chain for the past decade. Larry Zine, Blockbuster’s CFO, has also said he will leave by the end of this year.

The change at the top comes two days after the company announced, in an SEC filing, that it would close another 282 units this year. The downsizing follows the closure of 290 units in 2006.

Antioco’s resignation is no surprise. This March he announced that he would step down this year. His recent tenure has been marred by complaints by board member Carl Icahn over Antioco’s 2006 compensation. According to published reports, Antioco was initially supposed to receive a bonus of nearly $7.7 million for the year, but Icahn persuaded the board to use “negative discretion” and cut the bonus to just north of $3 million.

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