Blockbuster launches search for new CEO
Dallas A late Tuesday report said that Blockbuster has launched a search for a new CEO to replace current CEO Jim Keyes prior to year-end.
According to the Wall Street Journal, citing people close to the matter, Blockbuster has agreed to hire an executive-search firm to look at new leadership once it emerges from Chapter 11 bankruptcy protection.
Keyes, who has led Blockbuster since 2007, remains a candidate to continue leading the company, the sources said, and the search is in its earliest stages.
The search firm, Los Angeles-based Korn/Ferry International, could look at candidates for other executive posts as well, according to the report. Blockbuster needs approval from the bankruptcy court to hire the firm.
Blockbuster’s senior bondholders, including billionaire investor Carl Icahn, must approve the chain’s CEO choice by Dec. 31 under a restructuring deal the two sides negotiated before the company sought bankruptcy protection.
Blockbuster filed for bankruptcy protection in New York on Sept. 23.
The board in July extended Keyes’ contract for one year with an understanding that he would oversee the company’s restructuring and that a successor would likely be identified at some point.
New York & Co. appoints marketing chief
New York City New York & Co. Tuesday announced that Eran Cohen has been named to the position of executive VP chief marketing officer. He will be responsible for all marketing and visual aspects of the chain’s integrated brand strategy and marketing campaign including its e-commerce business.
Cohen joins New York & Co. from Collective Brand’s Payless ShoeSource Division, where most recently he was senior VP chief marketing officer.
Former Blockbuster CFO named president of American Apparel
New York City American Apparel has hired the former CFO of Blockbuster Tom Casey, as acting president, putting him in charge of leading the company as it embarks on a new strategy.
The announcement comes amid American Apparel’s struggle to avoid being delisted by the New York Stock Exchange and to keep compliance with debt covenants.
American Apparel last month received a warning that it could be delisted as it delayed the filing of its second-quarter results amid the resignation of its accounting firm in July. The exchange later extended the delisting proceedings to Nov. 15, by which time the company has promised to file its quarterly results.
Casey was Blockbuster’s financial chief for three years before departing ahead of last month’s bankruptcy filing by the movie-rental chain.
American Apparel said he will have primary responsibility for developing the company’s operating strategy.