Circuit City names development evp

RICHMOND, Va. Circuit City Stores today announced that Jeffrey Stone has joined the company as evp of new business development. Stone will oversee the growth and development of The City concept stores, firedog services and ongoing innovation work.

Stone was most recently president and coo of Tivoli Audio a manufacturer of high-end audio devices. Prior to Tivoli, Stone spent 15 years at Tweeter Home Entertainment Group joining as president and coo in 1990 and named ceo in 1999.

"Jeff brings proven premium retail brand and operational leadership experience to our team," said Philip Schoonover, chairman, president and ceo of Circuit City Stores. "His specific experience in developing new consumer electronics retailing and services store concepts will be beneficial as we execute against our expansion of digital home services and optimize our new The City concept. As we upgrade and build depth on our team with proven retail executives, I want to strike the appropriate balance of improving our near-term financial results through fixing our core business while developing our long-term strategic growth initiatives. We believe this balanced approach will improve our near-term profitability and our long-term competitive position while advancing shareholder value."