Road Cash: Antioco Cashes $1.5M in Stock23 May, 2005 By: Erik Gruenwedel
Despite surviving a management coup — due in part to allegations of overspending by dissident shareholder and newly-elected board member Carl Icahn — Blockbuster Inc. chairman and CEO John Antioco between May 19 and May 20 sold 150,000 shares of Class A common stock for about $1.45 million, according to a filing with the Securities and Exchange Commission.
When coupled with 12,700 shares ($127,000) sold May 17, Antioco liquidated about 11 percent of his ownership stake in Big Blue. Following the transactions, Antioco still owns more than 1.29 million shares of common stock valued at nearly $12.5 million.
Last week, Blockbuster granted fiscal 2005 pay hikes of up to 18 percent to six executives, except Antioco.
Blockbuster spokesperson Karen Raskopf said the CEO would begin visiting select stores in June to talk with employees and reiterate his core business strategies, including online and in-store subscriptions, and the elimination of late fees.
“He wants to drive home the message that he is here, that he is focused on the business, and that we all need to focus on the customer,” Raskopf said.