Report: Blockbuster Looking for New CEO

Wall Street Journal says bankrupt video rental chain has hired search firm to help it attract new executive team

Blockbuster may have a new chief executive officer when it emerges from bankruptcy, the Wall Street Journal reported on Tuesday.

The movie rental company has tapped search firm Korn/Ferry International to potentially look for a replacement for CEO Jim Keyes. The firm will also look for new top executives.

Neither Korn/Ferry nor Blockbuster responded to TheWrap’s requests for comment.

When the company filed for Chapter 11 protection last month, people familiar with the situation indicated that Keyes would remain onboard. The former 7-Eleven chief was widely praised for trying to hold the company together as it labored under nearly $1 billion in debt.

Blockbuster plans to use its bankruptcy period to close under-performing stores and to redirect resources to expand its digital arm.