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Circuit City CEO Resigns Amid Troubles

Circuit City Stores Inc. says its chairman and chief executive is stepping down immediately.

A Circuit City store in Richmond, Virginia.
Steve Helber
A Circuit City store in Richmond, Virginia.

Philip J. Schoonover joined the company in 2004 and also served president of the beleaguered electronics retailer before resigning Monday.

He's being replaced by board member James A. Marcum, who will become the company's interim president and chief executive. Meanwhile, former tobacco executive Allen B. King will become the company's chairman.

The Richmond-based retailer is considering whether to sell the company as it continues on a multiyear turnaround plan. The company has announced its intent to report quarterly results on Sept. 29.

Copyright 2008 The Associated Press