From today's NYT: John F. Antioco, the chief executive of Blockbuster who has been locked in a dispute with company directors over the size of his bonus, has agreed to leave his job at the end of the year. Mr. Antioco will exit with far less than he initially wanted and two years before his contract expires.
Blockbuster said yesterday that Mr. Antioco would receive about $3.1 million for his 2006 bonus — less than half the amount he said he was entitled to, but $772,500 more than the board offered him in January.
He will also receive a severance payout of just under $5 million, Blockbuster said.
The agreement effectively ends a two-year battle of egos and management styles that began when the financier Carl C. Icahn, a Blockbuster director and one of its largest shareholders, objected to Mr. Antioco’s $51.6 million compensation package. At the time, the company was facing a crippling financial crisis...
Read the whole article HERE
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