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Circuit City CEO Philip Schoonover Resigns
Marcum was recently named vice chairman and called a "turnaround executive."
Philip Schoonover (Photo via Circuit City)
Philip J. Schoonover has resigned as chairman, president and CEO of Circuit City, the company announced.
He will be replaced by James Marcum, recently appointed vice chairman and called a "turnaround executive." Allen King has been named the new chairman.
Schoonover called Marcum "a highly-experienced retail turnaround executive" who would "play a key role in leading the efforts to accelerate the pace of the company's turnaround."
Marcum was formerly chief financial officer of Hollywood Entertainment.
"Circuit City has a long history of being a leader in the consumer electronics industry," says Marcum.
"We believe that by fine-tuning our focus and strategies we will be able to leverage this history and build a stronger future for the company.
"Since joining the team, I have been impressed by the passion and energy of our associates and their desire to direct that energy towards improving our operations and strengthening our market position in order to accelerate our turnaround and deliver improved results for all of our key stakeholders."
Schoonover was named Circuit City's president in 2005 and chairman and CEO in 2006.
Circuit City's struggles have been no secret. Its stocks have plummeted as low as $1.72 on NYSE and, of course, Blockbuster withdraw a $1 billion proposal to acquire Circuit City.
Circuit City also postponed the completion of a $45 million distribution facility outside Scranton, Pa.
The company is expected to soon report losses between $170 million to $185 million for the current quarter.
The Richmond-Times Dispatch says Circuit City continues to explore selling the company.
He will be replaced by James Marcum, recently appointed vice chairman and called a "turnaround executive." Allen King has been named the new chairman.
Schoonover called Marcum "a highly-experienced retail turnaround executive" who would "play a key role in leading the efforts to accelerate the pace of the company's turnaround."
Marcum was formerly chief financial officer of Hollywood Entertainment.
"Circuit City has a long history of being a leader in the consumer electronics industry," says Marcum.
"We believe that by fine-tuning our focus and strategies we will be able to leverage this history and build a stronger future for the company.
"Since joining the team, I have been impressed by the passion and energy of our associates and their desire to direct that energy towards improving our operations and strengthening our market position in order to accelerate our turnaround and deliver improved results for all of our key stakeholders."
Schoonover was named Circuit City's president in 2005 and chairman and CEO in 2006.
Circuit City's struggles have been no secret. Its stocks have plummeted as low as $1.72 on NYSE and, of course, Blockbuster withdraw a $1 billion proposal to acquire Circuit City.
Circuit City also postponed the completion of a $45 million distribution facility outside Scranton, Pa.
The company is expected to soon report losses between $170 million to $185 million for the current quarter.
The Richmond-Times Dispatch says Circuit City continues to explore selling the company.
Circuit City's Difficult 2008
 | Circuit City to Liquidate Remaining U.S. Stores Four liquidators to sell merchandise in remaining 567 U.S. stores. More than 35,000 jobs will reportedly be lost. Circuit City Receives Approval from Bankruptcy Court Circuit City has received approval for its $1.1 billion debtor-in-possession (DIP) revolving credit facility a day after voluntarily filing for Chapter 11 bankruptcy. Circuit City Files for Chapter 11 Bankruptcy Company says filing will allow it to continue business as usual, paying salaries and benefits and honoring returns and gift cards. Report: Circuit City to Close 155 Stores Big-box retailer is exiting several markets and has hired a team of liquidators to clear out the affected stores Circuit City Reports Non-Compliance With NYSE NYSE to assign ".BC" indicator to Circuit City's symbol to indicate it's below continued listing standards. Is this Finally It For Circuit City? How you can take advantage of the possible failure of the big-box retailer. Circuit City CEO Philip Schoonover Resigns The embattled CE retailer says Schoonover's resignation is effective immediately. He will be replaced by James Marcum. Circuit City Appoints 'Turnaround Executive,' Hints at Sale Company says new vice chairman James A. Marcum is highly experienced at turning retailers around. |
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About the Author
Steve Crowe, Web Editor
Steve is an editor for cepro.com. He graduated from Emerson College with a B.A. in Journalism. He joined the CE Pro staff in 2008. Steve is also a freelance sports writer for The Boston Globe and other various publications.
1 Comments (displayed in order by date/time)
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about time he resigned, I used to work for CC during his tenure and nothing he did seemed to be the right thing to do…Either Mark W will turn the ship around and have a long road to recovery, or they will go out of business…only time will tell.