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Circuit City’s CFO To Leave In April

2/23/2007 09:01:00 AM Eastern

CircuitCity’s chief financial officer Michael Foss is leaving the company in April to become CFO of Petco.

Circuit City has begun a search for a replacement, and Foss, who joined the company as an executive VP under prior chairman Alan McCollough, will remain on the retailer’s board until its annual meeting in June.

Foss’s pending departure follows a major reorganization at the No. 2 CE specialty chain in which its management structure was streamlined to improve efficiencies and profitability.

“Mike has done a tremendous job during his three and a half years at Circuit City, and we are a much stronger company for his many contributions,” chairman/CEO Phil Schoonover said in a statement. “While I'm disappointed that he is leaving, I understand the opportunity before him and wish him well.  We have begun a search for the right person to help us build on what we have accomplished over the last few years as well as to help accelerate the implementation of our transformation initiatives, which are designed to reduce costs and improve the customer experience.”

Stated Foss, “The decision to leave Circuit City was not easy, as I believe the best is yet to come. Our work over the past few years has reinvigorated and refocused the company in ways that will become increasingly obvious to customers and shareholders. That said, I have an opportunity not unlike Circuit City a few years ago, and I am excited to pursue a new challenge. I am committed to ensuring a smooth transition and am confident that our deep financial team won't miss a beat.”

Foss joined CircuitCity in 2003 from Teletech Holdings, a global customer service outsourcer, where he was president. Before that he held a number of senior business management positions with Eastman Kodak, including CEO of its PictureVision Internet imaging subsidiary.

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