This just in from the Department Of It's About Time: oft-excoriated Philip J. Schoonover has stepped down from his position as chairman, president and CEO of beleaguered CE retailer Circuit City.
Circuit City today announced that Philip J. Schoonover, chairman, president and CEO, has agreed to step down from those positions, effective immediately.Schoonover has also resigned as a director of the company, according to a release from the company.
Schoonover, 48, joined Circuit City in 2004 and had served as its president and a director since 2005. He has served as its chairman of the board and chief executive officer since 2006.
The board of directors had reportedly appointed James A. Marcum, 49, to serve as acting president and CEO. Marcum was elected as a director at the company's annual meeting of shareholders in June 2008. Since Aug. 18, 2008, he has served in the executive officer position of vice chairman and is playing a key role in leading the efforts to accelerate the company's turnaround, said Circuit City in the release.
CC still has a long row to hoe, but share prices jumped in after-hours trading, a sign of optimism on the Street.
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