Circuit City president and chief operating officer Alan McCollough will get the added the title of CEO in June.
He will succeed current CEO Richard Sharp, who will retain his post as chairman.
"Alan's extensive experience in the critical areas of our business, his commitment to our high-quality consumer offers and his outstanding leadership talents make him the ideal person to guide our company into the next decade," Sharp said.
McCollough joined the company 12 years ago as general manger of corporate operations and was named president in March 1997. Along with his promotion, he was elected to Circuit City's board of directors.