|
 SAN ANTONIO (AP) - The chairman and chief executive of struggling movie-rental company Blockbuster Inc. got the company's board to give him a slightly bigger bonus for 2006, but not without agreeing to give up his job. John Antioco, who has been the CEO for nearly a decade, will leave the company by the end of the year, Blockbuster announced Tuesday.
Shares closed down 25 cents, or 3.5 percent, to $6.86 in trading on the New York Stock Exchange, then lost another 6 cents in after-hours trading.
Under the agreement announced Tuesday, Antioco will receive a bonus of $3.1 million for last year's work. The board had previously offered him $2.3 million, but he argued he was entitled to $7.7 million. Such disagreements over pay sometimes occur, but rarely do they spill into the public as Antioco's did in Securities and Exchange Commission filings last month.
|
|