Circuit City dumps CEO

USA: Schnooner forced to resign from second largest consumer electronics chain
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Philip Schoonover, the chairman, president and chief executive of Circuit City has announced his intention to resign.

The decision comes after the company posted losses in four of the last five quarters and saw rival Best Buy increase its market share over the retailer.

The board appointed James Marcum to serve as acting president and chief executive, and Allen King as chairman.

Schoonover had been facing increasing pressure from the board and from shareholders over his failure to turn around the fortunes of the retailer. Shares rose eight per cent in after-hours trading.

Source: New York Times