• Most Popular
  • Most Shared

Circuit City says Schoonover out as CEO

ATLANTA
Mon Sep 22, 2008 5:25pm EDT
Circuit City CEO Philip Schoonover takes part in a news conference in a New York City firehouse, December 6, 2006. REUTERS/Ray Stubblebine/Circuit City/Handout

ATLANTA (Reuters) - Circuit City Stores Inc CC.N said on Monday that Chairman, Chief Executive and President Philip Schoonover, who had been under fire for the past year as financial results weakened, has agreed to resign from those posts, effective immediately.

Stocks

James Marcum, 49, will serve as acting president and chief executive, the retailer said in a statement. Marcum was named vice chairman in August.

The company also expects to report second quarter results that are slightly better than a previous forecast calling for a loss from continuing operations before income taxes of $170 million to $185 million, excluding charges.

(Reporting by Karen Jacobs; Editing by Andre Grenon)
Stocks


More from Reuters

Demonstrator holds a signboard with a slogan "Bla bla bla ACT NOW" during a rally outside the UN Climate Change Conference in Copenhagen December 12, 2009. REUTERS/Christian Charisius

"Polluters are given rights to continue their dirty habits"

A climate change scientist blasts proposals for a cap and trade system, arguing it allows dirty industries to continue polluting, instead of rewarding innovation.  Full Article | Full Coverage 

    Climate Conference
    Federal Reserve Chairman Ben Bernanke is pictured at his Senate Banking, Housing and Urban Affairs Committee hearing on his nomination to continue as Chairman of the Board of Governors, on Capitol Hill in Washington, December 3, 2009. REUTERS/Jason Reed

    No great expectations

    Investors are getting antsy about when the Fed will tighten its purse strings, now that the economy appears to be coming back to life.   Full Article 

    ECONOMY
    Indian woman mourns death of her relative killed in tsunami in Cuddalore. When an earthquake of magnitude 9.15 struck off Indonesia's Aceh province on December, 26, 2004, it triggered a huge tsuanmi that raced across the Indian Ocean and hit Indonesia, Thailand, Sri Lanka and India. The worst natural disaster of the decade left 230,000 people dead or missing. Taken on December 28, 2004 by Arko Datta

    Pictures that defined a decade

    A woman's grief amid the tsunami devastation and one woman's fight against police in the Amazon are among the indelible Reuters images of the last 10 years.  Slideshow 

    Pictures