CEO shift: Circuit City dumps CEO

Circuit City’s CEO, Philip J. Schoonover, announced his resignation as president and CEO and is leaving the company immediately. Normally, when a company changes CEOs, there is a plan announced sometimes years in advance to keep the stock price afloat. Schoonover’s departure was not part of any such plan.

New interim CEO James Marcum said what you expect a new CEO to say, “It is my mission to direct that energy towards improving our operations and strengthening our market position in order to accelerate our turnaround and deliver improved results for all of our key stakeholders.” What else is he going to say? “I’m glad they gave me the keys to this dump?”