Schoonover out as Circuit City ceo

RICHMOND, Va. Circuit City Stores announced that Philip Schoonover, chairman, president and ceo, has agreed to step down from those positions, effective immediately. Schoonover has also resigned as a director of the company. Schoonover joined the company in 2004 and had served as its president and a director since 2005 and as its chairman of the board and ceo since 2006.

The board of directors has appointed James Marcum to serve as acting president and ceo. Marcum was elected as a director at the company's annual meeting of shareholders in June. Since Aug. 18, he has served in the executive officer position of vice chairman.

From 2004 to August 2008, Marcum was an operating partner and operating executive of Tri-Artisan Capital Partners, a merchant banking firm. Prior to this Marcum held senior executive roles in retail turnarounds such as those with Ultimate Electronics and Hollywood Entertainment Corp.