Schoonover to get $1.8M in severance deal

RICHMOND, Va. Philip Schoonover, the former head of Circuit City, will receive a severance package worth $1.8 million, according to an SEC filing.

Schoonover will receive his annual base salary and a target bonus for the current fiscal year, each worth $900,000.

Schoonover also will receive health and welfare benefit plan participation for two years, up to $50,000 in outplacement services and the acceleration of the vesting of his stock options and restricted stock awards that would have vested before Oct. 4.