September 22, 2008 / 8:52 PM / 11 years ago

Circuit City says Schoonover out as CEO

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.

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

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