Blockbuster Board Offers Strong Support for Fellow Board Member Gary Fernandes
Press Release Source: Blockbuster Inc. On Thursday May 27, 2010, 9:03 am EDT
DALLAS, May 27 /PRNewswire-FirstCall/ -- The Board of Directors of Blockbuster Inc. (NYSE: BBI, BBI.B) today offered its strong and unwavering support for Gary J. Fernandes, former vice chairman of Electronic Data Systems Corporation and the latest candidate on the company's slate of director nominees to be baselessly targeted by Greg Meyer, who is pursuing an ill-conceived proxy contest to get himself elected to the Blockbuster Board.
"Gary has an impressive record of business accomplishments and more valuable experience than Meyer," said Ed Bleier, Chairman of the Board's Nominating/Corporate Governance Committee at Blockbuster. "Gary has an extensive background in technology and services, including his current service as a director of CA Technologies – the leading independent IT software and service company and a key player in cloud computing – and BancTec, Inc. – a global leader in processing technology. He has a long history as both a senior executive and director of public companies – an area where Meyer has no experience. It is clear that technology will play a large role in Blockbuster's future as we have expanded from stores into digital downloads, mail services, and automated retail kiosks, and Gary has been and will continue to be a great help to the Board and management in pursuing opportunities in these areas."
Since his retirement as Vice Chairman from Electronic Data Systems Corporation in 1998, Mr. Fernandes founded Convergent Partners, a venture capital fund focusing on buyouts of technology-enabled companies. He has served as Chairman of FLF Investments, a privately-held entity involved with the acquisition and management of commercial real estate properties and other assets, since 1999. In addition, from 2000 to 2001, Mr. Fernandes served as Chairman and CEO of GroceryWorks.com, an internet grocery fulfillment company. He is also a member of the board of governors of the Boys & Girls Clubs of America and Trustee for the O'Hara Trust and the Hall-Voyer Foundation.
"In his latest proxy filing, Meyer offers nothing constructive or helpful," said Bleier. "He repeats his overly simplistic observations which only demonstrate a lack of understanding about the complex challenges Blockbuster faces. He has not offered any meaningful, concrete suggestions about what he would do differently if on the Blockbuster Board. Quite the opposite, his latest attack – on Gary this time – further convinces us that he would only serve as a disruptive force on the Board. His references to unproven allegations in prior lawsuits are reckless and irrelevant, and all claims against Gary and Jim Keyes in those lawsuits were ultimately dismissed.
"Throughout his tenure as a director at Blockbuster, Gary has consistently enjoyed overwhelming support from our stockholders, and this Board is stronger with him on it. He is an experienced leader with an outstanding resume of accomplishments. We do not see any merit in Meyer's efforts to undermine Gary and strongly urge our fellow stockholders to vote their "WHITE" proxy cards in favor of all the nominees on the company's slate of directors," said Bleier.
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