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Circuit City's CEO is replaced

September 23, 2008|From the Associated Press

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.

"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.

Marcum was one of three directors elected to Circuit City's board this summer as part of a deal to defuse a proxy battle with Mark J. Wattles, whose investment firm holds a 6.5% stake in the company. Last month, Marcum was appointed Circuit City's vice chairman.

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