Wal-Mart Exec Expected to Join Blockbuster

Viacom is expected today to name a top executive of Wal-Mart as chief executive of Blockbuster Entertainment Group, the home video arm that has held down the media company’s stock price.

A source close to the company said William R. Fields, regarded as a strong candidate to become president of Wal-Mart this year, will oversee Blockbuster’s 4,600 video and music stores.

He will fill the vacancy left earlier this month by Steve Berrard, who left Viacom to become chief executive of AutoNation USA, a new nationwide chain of used-car lots whose partners include H. Wayne Huizenga, Blockbuster’s former chairman.

Gerald Geddis, Blockbuster’s president of worldwide operations, is expected to be named president and chief operating officer.

A 25-year veteran of Wal-Mart and one of the first college graduates Sam Walton hired, Fields is an executive vice president. As head of domestic operations, he oversees 24,000 stores that generate $68 billion in revenue.

Last year, Blockbuster accounted for $3.3 billion of Viacom’s $11.6 billion in revenue. But Wall Street fears the video retailer will be made obsolete by digital delivery systems.