Schoonover Gets $1.8 Million in Severance
Former Circuit City CEO will receive a severance package of $1.8 million after stepping down this week, the Richmond Times reported Thursday, citing Securities and Exchange Commission documents.
Schoonover will also continue to receive health benefits for two more years, as well as $50,000 in “outplacement services.”
Meanwhile, the company’s stock dropped to $1.44 Thursday, its lowest level in 22 years. Circuit City will report earnings for the quarter on Monday.