Blockbuster Appoints Former 7-Eleven Head as Chairman, CEO

DALLAS, July 2: James W. Keyes, a former president and CEO
of 7-Eleven, has replaced John F. Antioco as Blockbuster’s chairman and CEO,
effective immediately.

Antioco will be assisting with the corporate transition as
Keyes settles into his new role.

Keyes served as president and CEO of 7-Eleven from
2000-2005. Under his leadership, the company experienced record sales and
profits and implemented new retail systems technology that improved product
assortment decisions in every store. 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. Keyes is a 21-year veteran of
7-Eleven, having also served in a variety of positions within the company that
include chief financial officer, executive VP and COO.

"Jim is results-oriented, strategic and able to
identify practical, yet highly creative solutions to complicated business
problems,” said Carl C. Icahn, a member of the Blockbuster Board of Directors.
“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. 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."