DALLAS, July 2 (UPI) -- Blockbuster Inc. Monday named former 7-Eleven Inc. President and Chief Executive Officer James Keyes as the Dallas video-rental chain's chairman and CEO.
Keyes replaces John Antioco, effective immediately, the company said. Antioco, who "will be assisting with an orderly corporate transition," is leaving after a fight with Blockbuster's board over compensation.
Keyes "has a strong multi-unit retailing background and an impressive record of introducing new customer-focused technologies into a business that have driven financial results," Blockbuster board member Carl Icahn said in a statement.
Blockbuster posted a wide first-quarter net loss of $46.4 million, compared with a year-earlier net loss of $1.9 million, amid higher costs. Cost of sales jumped 17 percent while operating expenses increased 3 percent.
Blockbuster, which has been undergoing a sweeping restructuring, has seen its traditional rental business model come under attack from rival Netflix Inc. of Los Gatos, Calif.
