Richmond, Va. - Troubled consumer electronics retailer Circuit City Stores (NYSE: CC) said that Philip Schoonover has resigned as its chairman, president and CEO.

Schoonover joined the company in 2004, and had served as its president since 2005 and as its chairman CEO since 2006.

The company's board has appointed James Marcum -- a director since June -- to serve as acting president and CEO, and Allen King to serve as chairman.

Marcum most recently served as an operating partner and operating executive at merchant banking firm Tri-Artisan Capital Partners, and previously held senior executive roles as part of retail turnaround at Ultimate Electronics and Hollywood Entertainment.

The board of directors has elected, Allen B. King, 62, as chairman of the company's board of directors. King previously served as the chairman and CEO of Universal Corp.

"A change in leadership at the chief executive officer level is always a difficult decision, and Circuit City appreciates Phil's efforts over the past four years," said King.

"We believe that by fine-tuning our focus and strategies we will be able to leverage (the company's) history and build a stronger future," said Marcum.

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