DALLAS -- Former 7-Eleven Inc. president and CEO James W. Keyes has been appointed chairman and CEO of video rental giant Blockbuster Inc. He assumed the role yesterday.
Keyes, a 21-year veteran of the world's largest chain of convenience stores, replaces current Blockbuster chairman and CEO John F. Antioco, who will be assisting with an orderly corporate transition.
The announcement comes less than a month after Sanford, N.C.-based Pantry Inc. named Frank G. Paci as its new CFO, replacing the retiring Daniel J. Kelly. Most recently, [image-nocss] Paci had been Blockbuster's executive vice president.
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. 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.
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. 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.
From 1980 to 1985, Keyes worked for Gulf Oil and in 1985 joined CITGO Petroleum, which was then a subsidiary of Dallas-based 7-Eleven. Keyes served in a variety of positions with 7-Eleven, including CFO, executive vice president and COO and in 2000 was named president and CEO.
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.
Blockbuster Inc., also based in Dallas, 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.
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