Circuit City CEO resigns amid troubles

September 22, 2008 6:44:53 PM PDT
Circuit City Stores Inc. says its chairman and chief executive is stepping down immediately.

Philip J. Schoonover joined the company in 2004 and also served president of the beleaguered electronics retailer before resigning Monday.

He's being replaced by board member James A. Marcum, who will become the company's interim president and chief executive. Meanwhile, former tobacco executive Allen B. King will become the company's chairman.

The Richmond-based retailer is considering whether to sell the