John Antioco is an American businessman and former C.E.O of Blockbuster. He is best known for his infamous decision of turning down an offer to purchase Netflix.
As of 2023, John Antioco's net worth is estimated to be $5 million.
|Net Worth||$5 million|
|Famous Name||John Antioco|
|Source(s) of Fame||CEO|
|Date of Birth||November 1, 1949|
|Place of Birth||Brooklyn, New York|
John Antioco was born on 1st November 1949 in Brooklyn, New York. From an early age, John was exposed to a work ethic and business model by his father who worked as a milkman. John often accompanied his father on his delivery route and developed a business genius. After high school, John joined the New York Institute of Technology and graduated in 1970 with a Bachelor of Science in Business Administration.
After his graduation, John landed a job at 7-Eleven. As a trainee, he was required to restock and restaff stores that weren’t doing well in the market. His first posting was at Long Island where he quickly identified that the operators and location of the branch did not leave room for a high-performing business endeavor.
By 25, John had moved up the ranks to District Manager overseeing 35 stores in Suffolk County ranking the area as the most profitable market. The company identified his talent for yielding results and he was promoted to the Northeast Division Manager and later National Marketing Manager. His career at 7-Eleven peaked at Senior Vice President with Worldwide Responsibilities. John eventually left 7-Eleven after 20 years and briefly joined Pearle Vision as COO before finally taking up the C.E.O position at Circle K. At the time, the chain was bordering bankruptcy and John immediately moved to privatize the company which improved business. The company was later sold to Tosco three years later.
Having established a name for himself, John landed a job at PepsiCo to help stabilize the then struggling Taco Bell. Instead of simply implementing new strategies, John embraced teamwork and instead implemented business plans that had been suggested by the senior managers. The implementation was seamless and the chain recorded growth.
John’s time at PepsiCo was a game-changer for his career as he was immediately sought out by Viacom to take up the role of C.E.O at Blockbuster. He immediately took up the opportunity as he liked the company and could see a lot of room for improvement. John was also adamant that the company would not be blown into oblivion by technological shifts as fast as critics had predicted. After spending some time in the company, John identified that the upfront fee on their cassettes was high and quickly moved to reduce the fee significantly in exchange for revenue. The move was genius and the company recorded a 40% increase in revenue. As predicted, Blockbuster faced competition when DVDs gained popularity. To counter the competitors, Blockbuster sought to establish an online presence and waive late fees that contributed massively to their profits. Although the strategy was good, Viacom pulled out as an investor due to the high cost of implementation.
By 2004, John had already established Netflix as a major competitor and made moves to position Blockbusters at an advantage but he was met with resistance from the board. He eventually left the company in 2007 inspiring the exit of numerous senior managers that had worked alongside him. Foreseeing the inevitable fall of the company, he ditched his stock and bought into Netflix but sold them prematurely.
John currently utilizes his skills to purchase retail stock and serves as the chairman of the board of directors at Red Mango and Managing Partner at JAMCO Interests LLC.
John has two children however more details of his private life remain unclear.
John is not active on any social media.
John Antioco is an American businessman with a long portfolio of success. He has a net worth of $ 5 million.