Circuit City: Due for a Change?
There is no question that Philip Schoonover's job, as CEO of electronics store chain Circuit City (CC), is in jeopardy. On Feb. 29, Wattles Capital Management, which recently bought 6.5% of the company's stock, proposed replacing Circuit City's entire 12-member board of directors with at least five of its own nominees. "Phil's actions in the past year show that he doesn't understand retail; he's completely mismanaged the company, and it's time for him to go," says Mark Wattles, principal of the investment firm, in an interview with BusinessWeek.com.
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