Blockbuster CFO Exiting with Antioco21 Jun, 2007 By: Erik Gruenwedel
Blockbuster Inc. said June 21 longtime CFO Larry Zine would leave the No. 1 DVD rental company at the end of the year — the same time as chairman and CEO John Antioco.
Zine, who has been with Dallas-based Blockbuster since 2000, will receive a $200,000 retention bonus, his salary, a separate 2007 bonus and a previously announced lump sum payment of $1.2 million upon his departure, according to a regulatory filing.
If dismissed without cause prior to Dec. 31, Zine would receive fully vested shares of all his outstanding restricted stock.
In March, Antioco announced he was leaving the company after it was disclosed there had been fallout between the CEO and the board regarding a performance bonus for 2006.
Michael Pachter, analyst with Wedbush Morgan Securities in Los Angeles, said Zine's departure was in the works ever since Antioco declared his intentions.
Pachter said the announcement was a gracious gesture by Blockbuster considering the CFO was likely leaving at the end of the year already.
“Larry is absolutely Antioco's guy,” said Pachter. “They worked together at Circle K. They have worked together probably 20 years.”