Philip J. Schoonover, chief executive at Circuit City Stores Inc., stepped down Monday and was replaced by a board member appointed to defuse a fierce proxy battle as the struggling electronics retailer continues its turnaround effort.
Schoonover, who also was chairman and president, had joined the company in 2004 from rival Best Buy Co.
He will be replaced by board member James A. Marcum, who will stand in as the chain's interim president and chief executive. Former tobacco executive Allen B. King will become Circuit City's new chairman.