Circuit City Director Resigns from Board

Richmond, Va. Circuit City announced that its lead outside director Mikael Salovaara resigned from its board, according to the Wall Street Journal.

Salovaara, who was chairman of the nominating and governance committee in addition to lead director, resigned just one day after Blockbuster Inc. said it was withdrawing its proposal to buy Circuit City Stores Inc.

Circuit City said in a filing with the Securities and Exchange Commission that Salovaara had no disagreements with the company.

The Wall Street Journal also said that Circuit City amended its bylaws to reduce the size of its board to 14 directors from 15.