Richmond-based Circuit City, whose corporate headquarters are in the Short Pump area, announced that CEO Phil Schoonover will resign after leading the company through at two year downward spiral.
Schoonover came to the company in 2004 from larger rival Best Buy and reduced costs by cutting many high paid corporate positions and replacing them with entry-level workers. Still, the company failed to turn an annual profit. He leaves his position effective immediately. The new acting CEO will be James A. Marcum.
“Circuit City has a long history of being a leader in the consumer electronics industry,” Marcum said in a press release yesterday. “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 return the brand and business to a place of strength and leadership. It is my mission 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.”
The company expects to release slightly better second quarter results, but a lot of work remains for the number two United States electronics retailer to get back on its feet.
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