Three dissident nominees led by billionaire investor Carl Icahn were elected to
board by voters at the video chain's annual meeting Wednesday in Dallas.
Among the directors being nominally displaced by Icahn's group is Blockbuster Chairman John Antioco, who had previously said he would resign as CEO if he lost his board seat. The company convened a special meeting to reappoint Antioco as a director, and the motion was supported by Icahn.
Icahn, who owns more than 9% of Blockbuster, was elected along with allies Edward Bleier and Strauss Zelnick, replacing Linda Griego, Peter A. Bassi and Antioco. The dissidents have accused management of wasting money on doomed initiatives and executive pay, singling out Antioco's multimillion-dollar package last year.
The shares closed up 21 cents, or 2.1%, to $10.05.