Circuit City investor wants chief replaced
Bloomberg News
Published February 26, 2008 at 12:05 a.m.
Circuit City Stores Inc. investor Mark Wattles, who owns 6.5 percent of the money-losing electronics chain, said that he is seeking to replace Chief Executive Officer Phil Schoonover and gain five seats on the retailer's board.
Wattles, who bought Thornton-based Ultimate Electronics out of bankruptcy, sent an e- mail requesting a meeting with Schoonover to discuss strategy at the retailer, whose shares plunged 78 percent last year.
He said he was rebuffed and referred to investor relations.
"That was the extent of the communication with a 6.5 percent shareholder," Wattles said Monday. "I suspect that will change soon."
Wattles, founder of Hollywood Entertainment Corp., has mounted the most public challenge to Schoonover, who has overseen a $3 billion drop in Circuit City's stock market value since he took over in 2006. Schoonover's attempts to stem five straight quarters of losses by firing workers have resulted in customer defections to his former employer, Best Buy Co.
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