Circuit City’s CEO, possibly the last guy left who might have known how to install HDTV , stepped down yesterday. Philip J. Schoonover’s efforts to turn around the troubled electronics retailer, which included firing a bunch of long-time employees and replacing them with lower-paid workers without benefits, didn’t work out. What with the worsening economy and all, it just didn’t seem like a good time to be a CEO.
philip schoonover
After Laying Off 3,400 Experienced Employees, Circuit City Reports 3rd Quarter Loss, Showers Top Executives With Lavish "Retention Awards"
By 12.23.07
Circuit City President Philip Schoonover responded to 3rd quarter losses of $207.3 million by unveiling a retention program that will reward each top executive with $1 million. This is the same management team that axed 3,400 experienced salespeople leading to 2nd quarter losses of $62.8 million. Circuit City has already lost three (3) top executives this year, and Schoonover warns that the future earnings will be imperiled unless his management team remains intact.
