Director Quits Circuit City
Following the news that Blockbuster had dropped its bid to acquire the company, one of the Circuit City’s directors has announced his resignation.
According to the Wall Street Journal, lead outside director Mikael Salovaara, chairman of the company’s nominating and governance committee, resigned on Wednesday. Salovaara did not give a reason for his departure.
The board responded by naming board member Allen B. King as lead director, and agreeing to reduce the board to 14 members.