Circuit City’s Schoonover Contacts Wattles Directly
Circuit City CEO has now responded directly to the man attempting to take his job. According to an SEC filing dated Monday, Schoonover has written a brief letter directly to activist investor Mark J. Wattles, who is threatening to force a vote on Schoonover’s future with the company at its June annual meeting.
“As you know,” Schoonover writes, “we value the input from all of our shareholders and I welcome the opportunity to speak with you after we release our fourth quarter and year-end results, which we have scheduled for April 9, 2008. If you would like to meet before then, I am open to arranging a meeting to listen to your views and ideas for Circuit City.”
Wattles, whose company Wattles Capital Management owns a small stake in the company, has been attempting in recent months to force changes at the struggling CE retailer. He wrote a letter last week that the company is missing opportunities to “unlock hundreds of millions of value in the near term and billions of value in the long term for Circuit City stockholders.”