Battered and buffeted by Redbox and Netflix, with its stock delisted from the NYSE and a massive debt payment looming in a few weeks, Blockbuster has nonetheless seen fit to retain and reward the man who has presided over much of its decline.
A BB regulatory filing has revealed that CEO Jim Keyes will receive a $650,000 retention bonus and 1.25 million shares of (virtually worthless) stock as his contract is extended until June 30 of next year. These perks will go along with his 0,000 annual salary, which remains unchanged from the previous year.
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Blockbuster has lost more than $1 billion since Keyes took the reigns in 2007, and its number of locations shuttered since the beginning of the year is nearing 500.
How much of the blame for Blockbuster’s current state should be laid at Keyes’ feet, Insiders? Could a more able leader have turned things around, or were the seeds of BB’s demise sown long before Keyes took the big chair?
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Hit the comments and let us know if you think Keyes is earning his keep, as well as if you think Blockbuster will still be around by the end of his new contract.
(via BusinessWeek)
Way to go Corporate America!!
The guy at the top screws up and gets rich. The guys at the bottom get laid off.
Thats alot of money for a guy who is the pilot of the titanic!
“MovieLover [visitor]
0 0July 9, 2010 at 3:38 pm
Thats alot of money for a guy who is the pilot of the titanic!”
since when has the Titanic become an aircraft?
dumbass!
Note that the dictionary first 2 uses involve ships
pi·lot? ?/?pa?l?t/ Show Spelled[pahy-luht]
–noun
1. a person duly qualified to steer ships into or out of a harbor or through certain difficult waters.
2. a person who steers a ship.
3. Aeronautics . a person duly qualified to operate an airplane, balloon, or other aircraft.
4. a guide or leader: the pilot of the expedition.
5. coast pilot ( def. 1 ) .
6. pilot light ( def. 1 ) .
7. Machinery . a guide for centering or otherwise positioning two adjacent parts, often consisting of a projection on one part fitting into a recess in the other.
8. Railroads . cowcatcher.
9. Also called pilot film, pilot tape. Television . a prototypical filmed or taped feature, produced with hopes of network adoption as a television series and aired to test potential viewer interest and attract sponsors.
10. a preliminary or experimental trial or test: The school will offer a pilot of its new computer course.
While this is yet another example of the way American corporations reward failure, it also seems likely there were no other candidates to lead Blockbuster at this point. Even if the corporation had acted earlier, it is unlikely it would have survived the changing environment for distributing DVDs. The market will continue to change, and both Redbox and Netflix will have to be nimble to remain thriving companies ten years from now.
Keyes, like the just-named Chief Restructuring Officer, is a short-timer at BB. It’s commonplace, as bizarre as it seems, for the CEO and other essential employees to get a retention bonus while an ailing company is going through restructuring. What would letting the CEO go just weeks before expiration of BB’s forbearance with its creditors accomplish, anyway?
I can do it the a same but, better job for less.