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Senior Executive Ed Stead Out at Blockbuster

1 Mar, 2006 By: Erik Gruenwedel

Citing ongoing cost-cutting initiatives, Blockbuster Inc. March 1 terminated the employment of Edward Stead, longtime general counsel and EVP of business development, according to a filing with the Securities and Exchange Commission.

It is not known if there will be a replacement named or if the position has been eliminated.

Dallas-based Big Blue last week in a separate filing foreshadowed the move when it announced an amendment to Stead's employment contract that included a lump sum severance payment of $1,045,800.

Stead retains more than 400,000 shares of Blockbuster common stock, according to filings.

Earlier last month, Blockbuster announced it would cut 300 positions at its corporate headquarters in Dallas and McKinney, Texas. The cuts included 200 staffers and 100 undefined vacant positions at the corporate level.

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