Investor Wattles Pushes to Oust Circuit City’s Schoonover
In the first step of what could be a palace coup at America’s second-largest CE retailer, Circuit City investor Mark J. Wattles has nominated a slate of five directors for election to the company’s 12-member board of directors. Wattles told Bloomberg News that the move is aimed at ousting CEO Philip Schoonover.
Circuit City confirmed receipt of the nomination, noting that barring an earlier meeting, its shareholders will next meet June 24 to consider its options.
Wattles also said that he made the move after Schoonover rejected overtures that the two meet and discuss strategy. The move against Schoonover came about a month after Wattles purchased 11 million shares, or 7 percent, of the company, and said that he would be willing to consider either forcing changes, or an outright purchase of the company.