There is a theory that history is made for the most part by towering figures of stupidity rather than of genius, and the evidence would certainly seem to support this is business. Indeed, it was likely with the resources at their disposal that if they had continued taking that strategic line, they would have crushed Netflix. But the lesson here is that Antioco was looking at rather obvious information right in front of him. I don’t cry for the pampered executives, with their perks and golden parachutes, who can soothe their wounds with a nice bottle of chardonnay by the golf course (while laid off workers face foreclosure instead), but I do think that if we’re are going to vilify them we should at least get the story straight. He took over at a challenging time for the company, with Netflix beginning to make moves. However, I also see a problem with pundits whose reaction to every misstep, real or imagined, is to “throw the bums out,” without making a careful, thoughtful business analysis.Hey, maybe CEO’s aren’t such morons after all...For most of my career, I developed and managed media businesses in the emerging markets of Eastern Europe. Blockbuster COO Nick Shepherd sent Hasting’s office a kitchen sink the next day with a note that read simply, ‘Here’s your sink.’ John F. Antioco is a businessperson who has been at the head of 8 different companies. Rumor has it Hastings was practically laughed out of the boardroom each time he made an offer to Antioco, who was known to be a tough negotiator.Dish Network, the third-biggest U.S. pay-TV operator bought Blockbuster in 2011 for $320 million (you could have had Netflix for only $50 million), tried to keep the brand relevant and the stores open, but by 2014, all outlets officially closed.Next, and quite late to the party, Blockbuster tried to launch its own DVD-by-mail business and rental kiosks but found it hard at that point to compete against Netflix and Redbox.Now, some might say that at the time Antioco was being a smart businessman. She intended to do this by acquiring as many innovative fledgling internet companies as possible, making 53 acquisitions worth $3 billion. There were accusations of sexual harassment and discrimination in the workplace, as well as an intellectual property lawsuit from Waymo and accusations of corporate espionage from Lyft. The $25 billion merger with Compaq was her doubling down on the PC market and sacrificing the company’s far more profitable printer division to do so, a strategic decision that only her most die-hard of defenders would argue was a good idea.Amazon’s Purchase Of Whole Foods Is Risky, But Has Huge PotentialObviously, while this all sounds terrible, Kalanick did build Uber from nothing into the behemoth it is today.
He is the chairman of the board of directors at Red Mango and the Managing Partner of JAMCO Interests LLC. Chief Executive John Antioco, 62, will leave the Dallas-based company by the end of the year, having received $8 million in bonus and severance by then.