Jim Keyes

Blockbuster’s executive team has been let go, including CEO Jim Keyes, who resigned his position as chairman of the board May 6, according to a regulatory filing. Keyes, a former CEO of Southland Corp. (7-Eleven) who came out of retirement in 2007 to rejuvenate Blockbuster with a store-based multiplatform distribution platform, joined other departing executives

Bankrupt Blockbuster Inc. has reportedly hired a senior executive recruiter firm aimed at possibly replacing CEO Jim Keyes by the end of the year. Los Angeles-based Korn/Ferry International has been retained to fill key senior executive positions, including CEO, according to a report in The Wall Street Journal. Any switch in the chief executive position at Blockbuster would have to be approved by the bankruptcy court, in addition to senior lenders such as former board member Carl Icahn. Dallas-based Blockbuster filed a pre-packaged Chapter 11 filing Sept. 23 listing debts in excess of $900 million.

Blockbuster CEO Jim Keyes Feb. 24 told investors the Dallas-based rental service would accelerate stores closures should other major studios not join Warner Home Video, 20th Century Fox Home Entertainment and Universal Studios Home Entertainment in delaying new-release DVDs to kiosk vendors.

Blockbuster's economic struggles have forced the company to back off the launch of its new "Rock the Block" store concept, CEO Jim Keyes told an investor group this week.

Blockbuster announced another major partnership Tuesday, reaching a deal with TiVo to both rent and sell its movies through the time-shifting service starting later this year.

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