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Schoonover Named Circuit City Chairman

6/27/2006 11:01:00 AM Eastern

Richmond, Va. — Circuit City Stores announced that Phil Schoonover has been elected chairman of its board, succeeding W. Alan McCollough who retired from the board on Tuesday following the company's annual meeting of shareholders.

“Phil is a remarkable leader, and the board has confidence in Phil’s abilities to lead the company’s transformation and to continue building upon the improvements seen in our financial results over the last year,” said McCollough.

“On behalf of Circuit City’s associates, I’d like to thank Alan for his dedication and service to Circuit City over the past 19 years and wish him the best. Alan has built a strong leadership team that will enable sustainable growth at Circuit City. As I look forward to the opportunity that lies before the company, I am both honored and humbled to lead our 46,000 associates across North America,” said Schoonover, who is also president and CEO.

Schoonover, 46, joined the company in 2004 as executive VP and chief merchandising officer. He was named president in February 2005, elected to the board in December 2005 and named CEO in March.

Before joining the company, Schoonover was executive VP, customer segments at Best Buy from April 2004 until September 2004. He joined Best Buy in 1995 and previously served in a variety of executive positions there. Before joining Best Buy, Schoonover was an executive VP at Tops Appliance City, the memorable New York metro retailer that closed several years ago. Prior to Tops, Schoonover held senior sales and marketing positions with Sony.

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