Blockbuster Appoints Former 7-Eleven CEO James W. Keyes Chairman and CEO

    DALLAS, July 2 /PRNewswire-FirstCall/ -- Blockbuster Inc. ( BBI,
 BBI.B) today announced the appointment of James W. Keyes as the company's
 new Chairman and Chief Executive Officer effective today. Keyes is the
 former president and CEO of 7-Eleven Inc. and a 21-year veteran of the
 world's largest chain of convenience stores. He replaces current Chairman
 and CEO John F. Antioco, who will be assisting with an orderly corporate
 transition.
     (Photo: http://www.newscom.com/cgi-bin/prnh/20070702/LAM061A)
     Under Keyes' leadership as president and CEO of 7-Eleven from 2000 to
 2005, the company experienced record sales and profits and implemented new
 retail systems technology that improved product assortment decisions in
 every store. He also ushered in a new era for 7-Eleven through the
 introduction of a host of new electronic services, which helped the
 convenience-store chain become as well known for its cutting-edge use of
 technology as for Slurpees(R). Additionally, he collaborated with
 manufacturers across all merchandise categories to develop new products,
 enabling the company to introduce as many as 50 new items each week in
 advance of the competition. When Keyes retired upon the sale of the company
 in 2005, 7-Eleven had produced 36 consecutive quarters of same-store sales
 increases and had some 6,000 franchised and company-owned stores in the
 U.S. and Canada with 30,000 stores worldwide.
     "Jim is results-oriented, strategic and able to identify practical, yet
 highly creative solutions to complicated business problems. Most
 importantly, he has a strong multi-unit retailing background and an
 impressive record of introducing new customer-focused technologies into a
 business that have driven financial results," said Carl C. Icahn, a member
 of the Blockbuster Board of Directors. "With his extensive background in
 finance, operations and marketing, and as a former CEO of a Fortune 500
 company, he is exactly the right person to become the next leader of
 Blockbuster. The rest of the board and I are extremely pleased to welcome
 Jim to the company."
     "We also want to express our appreciation to John Antioco for his years
 of service to Blockbuster," Icahn continued. "Thanks to John's leadership
 over the past decade, Blockbuster has transformed itself numerous times,
 and I believe the initiative he most recently helped put in place, namely
 BLOCKBUSTER Total Access(TM), should help position the company for future
 growth. All of us wish John well in his future endeavors."
     "Blockbuster has a world-class brand and is a highly regarded leader in
 the home entertainment industry," said Jim Keyes. "I look forward to the
 opportunity to work with the Blockbuster team to better serve our customers
 and to position Blockbuster for profitable growth and an even stronger
 future."
     Keyes graduated cum laude and Phi Beta Kappa with a Bachelors degree
 from the College of the Holy Cross in Massachusetts and earned an MBA from
 Columbia University. From 1980 to 1985, he worked for Gulf Oil and in 1985
 joined CITGO Petroleum, which was then a subsidiary of 7-Eleven Inc. Keyes
 served in a variety of positions with 7-Eleven, including chief financial
 officer, executive vice president and chief operating officer, and in 2000
 was named president and CEO of 7-Eleven Inc.
     Keyes serves on numerous civic boards, including the national board of
 governors of the American Red Cross, the Dallas Center for Performing Arts,
 the Cooper Institute and the SMU/Cox School of Business. A recipient of the
 Horatio Alger Award in 2005, Keyes was also the founder of the Education is
 Freedom foundation, which provides college scholarships for hard-working
 young students. Jim and his wife of 17 years, Margo Bernadette Keyes,
 reside in Dallas.
     About Blockbuster
     Blockbuster Inc. ( BBI, BBI.B) is a leading global provider of
 in-home movie and game entertainment, with more than 8,000 stores
 throughout the Americas, Europe, Asia and Australia. The company may be
 accessed worldwide at http://www.blockbuster.com
     Forward-Looking Statements This release includes forward-looking
 statements related to our operations and business outlook and financial and
 operational strategies and goals. Specific forward-looking statements can
 be identified by the fact that they do not relate strictly to historical or
 current facts. These forward-looking statements are based on management's
 current intent, belief, expectations, estimates and projections regarding
 our company and our industry. These statements are not guarantees of future
 performance and involve risks, uncertainties, assumptions and other factors
 that are difficult to predict. Therefore, actual results may vary
 materially from what is expressed in or indicated by the forward-looking
 statements. Factors that may cause actual results to vary materially
 include, among others, the factors described in our filings with the SEC,
 including factors discussed under the heading "Risk Factors" in our annual
 report on Form 10-K for the year ended December 31, 2006 and under the
 heading "Disclosure Regarding Forward-Looking Information" in our Form 10-Q
 for the quarter ended April 1, 2007, as well as changes in the composition
 of our key management personnel and any shift in strategy in connection
 therewith. This cautionary statement is provided pursuant to Section 27A of
 the Securities Act of 1933 and Section 21E of the Securities Exchange Act
 of 1934. The forward-looking statements in this release are made only as of
 the date hereof and we undertake no obligation to update publicly any
 forward-looking statement for any reason, even if new information becomes
 available or other events occur in the future.
 
 

SOURCE Blockbuster Inc.