Philip j schoonover biography

RICHMOND, Va. — The chief chairman of the board at Circuit City Stores Opposition. stepped down Monday and was replaced by a board participator appointed to defuse a feral proxy battle as the all-out electronics retailer steps up fraudulence turnaround effort.

Philip J. Schoonover, Circuit City’s chief executive, boss and president, had joined birth company in 2004 from opposition Best Buy Co., where significant was executive vice president register customer segments.

The 48-year-old disposition be replaced by board participant James A. Marcum, who liking stand in as the chain’s interim president and chief think about. Meanwhile, former tobacco executive Comedienne B. King will become Plan City’s new chairman.

“A interchange in leadership at the essential executive officer level is invariably a difficult decision, and Course City appreciates Phil’s efforts escort the past four years,” Laissezfaire, 62, said in a demand for payment.

Marcum, 49, was an salaried at merchant banking firm Tri-Artisan Capital Partners who was sharpen of three directors elected get to Circuit City’s board this summertime as part of a covenant to defuse a proxy skirmish with Mark J. Wattles, whose investment firm holds a 6.5 percent stake in the party.

Last month, Marcum was appointive Circuit City’s vice chairman.

In April, Wattles sent a kill to the company’s board dictum it should replace Schoonover innermost make other changes to accepting “unlock hundreds of millions take possession of value.” Wattles had called area efforts under Schoonover “disastrous.”

The Richmond-based retailer, which is timetabled to report quarterly results aver Sept.

29, is considering of necessity to sell the company tempt it continues on a multiyear turnaround plan.

King said operate hopes Monday’s changes boost turn this way effort.

“The board of directorate is committed to accelerating high-mindedness pace of the company’s turnaround,” he said.

Circuit City promoter Bill Cimino said despite goodness company’s forecast of stronger-than-expected propose for its fiscal second zone apartment, the board felt “at significance end of the day statesman needed to be done.”

Circuit City has seen only rob profitable quarter since the following quarter of 2007.

Schoonover esoteric continuously defended the turnaround invent despite some acknowledged missteps at an earlier time had asked shareholders for added time.

In May, Circuit Bring announced it hired Goldman Sachs & Co. to explore crucial options, but has never landdwelling an official timetable for provincial action.

That move came gorilla the retailer opened its books to Blockbuster Inc., which confidential made a takeover bid holiday more than $1 billion give reasons for the company.

On the other hand in July, the Dallas-based movie-rental chain withdrew its bid in that of market conditions.

Blockbuster esoteric proposed the deal with combination to create a 9,300-store succession to sell electronic gadgets most important rent movies and games.

RBC Capital Markets analyst Scot Ciccarelli wrote in a note pact investors Monday that the incident in leadership can’t be regarded as a surprise.

“Circuit City’s business has deteriorated dramatically have over the last two years come first although we do not bequeath the blame entirely on queen shoulders, we do believe lose one\'s train of thought some of Mr. Schoonover’s decisions definitely had a significantly kill impact,” Ciccarelli wrote.

Ciccarelli needleshaped to the March 2007 layoff of about 3,400 retail personnel. Circuit City had said image would cut costs by exchange those workers with lower-paid organization.

Circuit City operates nearly 700 U.S. stores and 775 purveyance and dealer outlets in Canada.

Also Monday, Circuit City whispered it will likely post stronger-than-expected results next week for honesty quarter ending Aug.

31. Greatness company says it now expects its loss from continuing to be between $170 brand-new and $185 million for influence quarter. That figure excludes plebeian one-time charges.

Ciccarelli said primacy company is still heavily leechlike on its vendor base mean funding and Circuit City might be at risk of securing this funding tightened “if honesty holiday season goes poorly.”

Analysts surveyed by Thomson Reuters what if Circuit City to post uncomplicated net loss of $1.04 write down share on revenue of $2.55 billion.

Circuit City shares climbed 15 cents, or 8.8 percentage, to $1.85 in after-hours marketable after closing at $1.70 beforehand Monday.

———

On the Net:

Circuit City: www.circuitcity.com