Blockbuster Video Activist Presentation Deck
Fernandes and Keyes Relationship: Too Cozy
Mr. Fernandes was on the Board of 7-Eleven, Inc. the entire time that
Jim Keyes was CEO of that company from 2000 to 2005
Fernandes and Keyes, among others, were named defendants in
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several
2005 shareholder lawsuits regarding 7-Eleven alleging breach of
fiduciary duties owed to shareholders in connection with an inadequate
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1
Mr. Fernandes was a member of Blockbuster's Nominating Committee
during the search that resulted in Mr. Keyes being appointed CEO of
BBI in 2007
Fernandes was Chair of BBI's Compensation Committee in 2009 when
Keyes was awarded 80% of his target bonus despite financial results
that missed guidance twice and a stock price that was down 50% on
the year
Is Fernandes able to be objective with respect to Keyes given their past
history and close personal relationship?View entire presentation