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JustTheFacts
April 13th, 2007, 12:00 PM
Blockbuster promotes Shepherd to COO
New chief operating officer in the running to replace Antioco at end of year
By Cindy Spielvogel 4/13/2007

Shepherd

APRIL 13 | Blockbuster has elevated Nick Shepherd to senior executive VP and chief operating officer, giving him responsibility for the retailer’s online operations in addition to bricks-and-mortar stores.

Shepherd, who previously was executive VP and president of worldwide stores, continues to report to CEO John Antioco, who will leave the company by the end of the year.


An SEC filing on the financial aspects of Shepherd’s promotion indicates changes to his compensation should he be chosen to replace Antioco as the next CEO.


A Blockbuster spokesman confirmed that Shepherd is in the running for CEO.

“Nick is a candidate for the CEO position,” said Randy Hargrove, Blockbuster senior director of corporate communications, adding that “the board is undertaking a search that looks at external candidates as well.”

Shepherd joined Blockbuster in 1995 and has served in a variety of capacities, including executive VP and chief marketing and merchandising officer, chief concept officer, senior VP of international and VP and managing director of the company’s U.K. business. He added international responsibilities for stores to his domestic duties last year.

In announcing Shepherd’s new oversight on online operations, Blockbuster emphasized its commitment to the Total Access online/in-store rental program.

Total Access has been praised for bringing Blockbuster success in recent months, but questions have arisen over its long-term prospects.

Blockbuster is considering a price increase for Total Access, but some consumers who have been polled by the retailer on the possibility have reacted unfavorably, and some analysts have reacted negatively as well. Most recently, Lehman Brothers analyst Doug Anmuth raised his price target on Netflix partly based on the idea that consumers would switch to Netflix if Blockbuster raises its price.

Blockbuster’s stock price rose slightly in morning trading after the news of Shepherd’s promotion, from $6.43 to $6.49. The stock had fallen almost 10% since the March 20 announcement of Antioco’s impending departure.


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OzMan
April 13th, 2007, 02:04 PM
Yeah, that certainly sounds like an improvement:rolleyes:

BBI can't even clean house properly. You don't promote someone's lackey to take over their job when you finally get rid of them.

JustTheFacts
April 13th, 2007, 03:37 PM
Blockbuster Ups Shepherd, Next CEO?
Author: ERIK GRUENWEDEL
egruenwedel@questex.com
Posted: April 13, 2007
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Blockbuster Inc. April 13 announced it has named 12-year veteran executive Nick Shepherd to the vacant position of EVP and COO.

The COO position had been open since the end of 2004, following the departure of Nigel Travis.

Shepherd, who was EVP and president, worldwide stores for Blockbuster, will assume reporting responsibility for Blockbuster Online, in addition to his previous duties.

He will be paid a base salary of $700,000 in addition to an undisclosed target bonus of 60% of his annual salary, according to a filing with the Securities and Exchange Commission.

The COO is slated to receive a “retention” bonus of $1.12 million if he is employed by Blockbuster on June 30, 2008.

Shepherd also receives 500,000 in stock options vesting annually in three installments beginning April 11, 2009.

Shepherd began his Blockbuster career in marketing and assumed direction of international operations, including VP and managing director of the Dallas-based company’s U.K. business following the dismissal of London-based executive Christopher Wyatt last summer.

“This move recognizes the many valuable contributions Nick has made to Blockbuster in his years with the company,” said chairman and CEO John Antioco, to whom Shepherd reports. “His unique domestic and global experience, combined with his keen leadership skills, is a tremendous benefit to [the company].”

Antioco has announced he is leaving Blockbuster at the end of the year.

Speculation that Shepherd could be next in line for Antioco’s position remains up in the air with board member Carl Icahn likely looking outside Blockbuster for the next CEO, says analyst Michael Pachter with Wedbush Morgan Securities in Los Angeles.

“I don’t think you can surmise [Shepherd automatically replacing Antioco],” said Pachter.

Blockbuster spokesperson Randy Hargrove confirmed Shepherd is a candidate for the CEO position, but added the board is undertaking a search that looks at external candidates as well.

zooworker
April 13th, 2007, 08:01 PM
http://www.diyaudio.com/forums/images/smilies/lock.gif

Propoxy
April 13th, 2007, 10:34 PM
What happened to Blevin?