Schoonover Resigns as Circuit City CEO
Circuit City announced Monday that President and CEO Philip J. Schoonover has resigned from the company, effective immediately. Schoonover will be replaced on an interim basis as president/CEO by James A. Marcum, while Allen B. King has been elected chairman of the company’s board of directors.
Schoonover had been CEO since 2005.
“A change in leadership at the chief executive officer level is always a difficult decision, and Circuit City appreciates Phil’s efforts over the past four years,” King said in a statement. “”It is important to note that Phil has made many significant contributions during his tenure, including expanding our multi- channel capabilities, enhancing our services offering and developing the firedog brand. We thank him for his leadership and we wish him well with his future endeavors.”