Blockbuster Names New General Counsel15 Oct, 2007 By: Erik Gruenwedel
Attempts to transform itself into an entertainment convenience store took another step when Blockbuster Inc. Oct. 15 named Eric Peterson to the position of EVP, general counsel and secretary.
Peterson fills the vacant general counsel position formerly held by one of Blockbuster's original executives Edward Stead, co-founder of Blockbuster's independent production company, DEJ Productions, which was sold to First Look Studios for $25 million in 2005.
Stead was laid off in early 2006 in a cost-cutting move that included a lump sum payment of more than $1 million.
Peterson was previously general counsel with TXU Corp., a Dallas based energy company, and voted “Best General Counsel” in 2004 by the Dallas Business Journal.
Jim Keyes, CEO of Dallas-based Blockbuster, said Peterson's resolution of TXU's complex legal affairs with its European unit helped underscore the executive's ability to handle companies in transition.
“[Eric has] an extensive background in highly competitive, fast-moving industries,” Keyes said. “He is a seasoned executive who will contribute significantly to our efforts to transform Blockbuster into the most convenient source for media entertainment.”
Blockbuster reports third quarter results Nov. 1.