Instead of rubber stamping a $7.65 million incentive-based bonus for Blockbuster CEO John Antioco, the movie-rental chain's board decided to trim it by over $5 million, to $2.28 million. Antioco, whose 2006 salary and deferred compensation was about $2.5 million, is fighting for more, and the boardroom bickering has become public because of a mandatory disclosure in a securities filing. Is Blockbuster's bonus battle just the first wave of a changing tide regarding executive compensation?
March 09, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
No wonder Blockbuster Inc.’s CEO is upset. Instead of rubber stamping a fat incentive-based bonus to him, the movie-rental chain’s board decided to trim it big time.
Even though pay for performance is supposed to be just that, few boards across corporate America exercise their power to lower bonus compensation when things aren’t going as well as they think they should.
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