Dallas, Blockbuster’s board of directors on Friday unanimously reappointed CEO John Antioco as chairman and expanded the board to eight members. Antioco was ousted last week in a proxy vote that replaced him and two other company-backed directors with billionaire investor Carl Icahn and his two dissident nominees.
Blockbuster spokeswoman Karen Raskopf said Antioco was assured that the new board would not push for an immediate change in direction for the company. She added that Antioco still viewed Blockbuster Online and the “No Late Fees” promotions as essential to the company’s success, according to reports. CEO Antioco said in a statement, “I am pleased that both the incumbent and new directors have asked me to continue to serve as Blockbuster’s chairman in the interests of building shareholder value.”