Circuit City CEO Receives $2.1M in 2008

New York City Circuit City Stores CEO Philip J. Schoonover received compensation in fiscal 2008 valued by the company at about $2.1 million, far less than the $17.1 million he earned in the prior fiscal year.

The lower compensation in the most recent fiscal year was mainly because in fiscal 2007, he received stock and stock options worth $16 million when granted from his promotion to CEO in March 2006.

He received stock and stock options worth just $994,000 when granted in fiscal 2008, according to a proxy statement filed Thursday with the Securities and Exchange Commission.

Schoonover also received about $900,000 in base pay. He did not garner either a cash or performance-based bonus.

Besides the salary and stock options, Schoonover was paid $178,105 in other compensation, or "perks." The total included $36,000 in company matches to defined contribution plans, $104,983 for use of the company plane and $10,296 for a car allowance, financial-planning reimbursements, the value of merchandise bought during the year through an officer evaluation program and gifts of merchandise.

In fiscal 2008, the company reported a loss of $319.9 million. Sales fell about 6%.