Bringing to an end Blockbuster chief John Antioco's latest -- and perhaps final -- feud with billionaire corporate raider Carl Icahn, Antioco on Tuesday agreed to step down at the end of this year and take a cut in his bonus for 2006. Under a revised compensation deal, Antioco, who had argued that he was entitled to receive $7.7 million as a bonus for 2006, will receive $3.1 million instead. The board had originally offered him $2.3 million under a pay-for-performance condition of his contract. In an interview with today's (Wednesday) Los Angeles Times, Icahn, who holds about 16 percent of Blockbuster's shares, described Antioco's contract as "an albatross around the company's neck" and called his departure "a victory for good corporate governance." Through a company spokesman, Antioco called the deal "a fair compromise."




21/03/2007