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RICHMOND, Va. — Circuit City Stores Inc., the second- biggest U.S. electronics retailer, said chief executive Phil Schoonover will leave after overseeing two years of losses.
Vice chairman and director James Marcum was named acting CEO, Circuit City said Monday in a statement. Marcum, an associate of Denver activist investor Mark Wattles, joined the board in June. Wattles’ firm holds a 6.5 percent stake in Circuit City.
Schoonover, who joined Circuit City in 2004 from Best Buy Co., was named CEO in 2006. The company, plagued by older stores in less desirable locations, didn’t turn an annual profit under his watch.
