In its second-largest acquisition, Amazon buys the company for $970 million.
Philip J. Schoonover, a former Best Buy executive who joined Circuit City Stores as its top merchant in 2004, will take over as CEO effective March 1, Circuit City said today.
Philip J. Schoonover, a former Best Buy Co. Inc. executive vice president who joined Circuit City Stores Inc. as its top merchant in 2004, will take over as CEO effective March 1, Circuit City said today.
Schoonover, 45, will succeed W. Alan McCollough, who is retiring as CEO on Feb. 28. McCollough, who has served as CEO since 2000 and chairman since 2002, will also retire as chairman at the multi-channel consumer electronics retailer`s 2006 annual meeting. The company has not announced a successor as chairman.
Schoonover, who was also elected to the board, effectively immediately, joined Circuit City as executive vice president and chief merchandising officer in October 2004. Prior to Circuit City, he was executive vice president, customer segments at Best Buy. In addition, he has served in management and sales positions at TOPS Appliance City and Sony Corp. of America.
Circuit City is No. 16 in the Internet Retailer Top 400 Guide to Retail Web Sites.