RICHMOND, Va.–Phillip Schoonover has stepped down as chairman, president and chief executive officer of Circuit City, effective immediately.
Vice Chairman James Marcum will serve as acting president and CEO.
Schoonover joined the consumer electronics retailer in 2004. He’s served as president and a director of the company since 2005 and was named CEO in 2006.
Allen King has been named chairman of the company’s board of directors. He retired as chairman of Universal Corp. in August.
“The board of directors is committed to accelerating the pace of the company’s turnaround,” King said in a statement. “Since he joined the board in June, Jim has been very effective in partnering with senior management and in helping identify opportunities to deliver increased value for our shareholders.”