Thursday, September 25, 2008

Some good news to come out of Circuit City's woes

Sure things don't look so hot for beleaguered CE retailer Circuit City, but on the bright side, at least ex-Chairman, President and CEO Philip J Schoonover is looking at a severance package of $1.8 million.

Circuit City Stores Inc.'s departing chief executive is receiving at least $1.8 million in a severance deal after resigning from his post at the consumer electronics retailer earlier this week, according to a regulatory filing on Thursday.
Philip J. Schoonover, who agreed to step down Monday as chief executive, chairman and president of the Richmond, Va.-based company, will receive his annual base salary and the target bonus for the current fiscal year, each worth $900,000, according to documents filed with the Securities and Exchange Commission.
The 48-year-old also will receive health and welfare benefit plan participation for two years, up to $50,000 in outplacement services and the acceleration of the vesting of his stock options and restricted stock awards that would have vested prior to Oct. 4, 2009

I believe I speak for all of us in the CE blogosphere when I say with absolute seriousness "RIGHT ON BUDDY, GREAT SCORE!"

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