Circuit City (CC) CEO Agrees to Step Down; Appoints Marcum as Acting President/CEO; Sees Q2 Results Slightly Better Than Prior Guidance
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Circuit City Stores, Inc. (NYSE: CC) today announced that Philip 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.
The Board has appointed James Marcum to serve as acting President and CEO.
The company also announced that it expects to deliver Q2 results that are slightly better than the previously provided range of a loss from continuing operations before income taxes of $170$-185 million, excluding any unusual/non-cash charges. As previously announced, the company will report results for the quarter ended August 31, 2008, on Monday, September 29, 2008.
Circuit City Stores, Inc. operates as a specialty retailer of consumer electronics, home office products, entertainment software, and related services.
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