Blockbuster Names New CFO12 Sep, 2007 By: Erik Gruenwedel
In a continuing shakeup of its executive staff, Blockbuster Inc. Sept. 12 said it had appointed Thomas Casey to the position of EVP and CFO, replacing seven-year CFO Larry Zine, who is retiring at the end of the month.
Casey will oversee Blockbuster's financial, accounting and internal audits.
He previously was managing director for Deutsche Bank Securities Inc., where he served as a strategic advisor to several national retail, food wholesale and convenience store chains.
“Throughout his more than 20-year career, Tom has been instrumental in helping some of the world's largest companies successfully formulate their financial and strategic business plans for the future,” said Jim Keyes, Blockbuster chairman and CEO. “We are very excited to have Tom join our executive team and believe he will contribute significantly to our efforts to pursue the profitable transformation of Blockbuster from a video retailer into a completely convenient source for media entertainment.”
Former CFO Zine in June said he would leave Blockbuster at the end of the year when former chairman and CEO John Antioco announced his departure.
At that time it was disclosed Zine would 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 regulatory filings.
If dismissed prior to Dec. 31, Zine was slated to also receive fully vested shares of all outstanding restricted stock. The former executive sold 225,000 shares of common stock from Aug. 15 to 17, realizing an average gross return of more than $1 million.