In pay deal, Blockbuster CEO to leave

March 20, 2007 at 10:19 AM

DALLAS, March 20 (UPI) -- John Antioco will leave Blockbuster Inc. as chairman and chief executive by year's end with less money than he wanted, the U.S. company said Tuesday.

But the money is more than the board originally hoped to pay.

Under the terms of a restated employment agreement, Antioco will receive a $3.1 million 2006 bonus, compared with the $2.3 million the board offered and the $7.7 million he was entitled to get under his previous employment agreement if he met performance goals.

Antioco maintained he met those goals.

He will also receive a lump-sum $5 million payment, compared with a $13.5 lump sum he would have been entitled to under his previous agreement if he had been "terminated without cause or had resigned for good reason."

Carl Icahn, elected to Blockbuster's board along with two allies in 2005 after a bitter proxy fight, led the charge against paying the full bonus.

"John and the company have reached terms that are clearly in the best interests of the stockholders," Icahn said in a statement Tuesday.

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