Circuit City's CC (NYSE) momentous decline over the last year and a half has come while its chief competitor, Best Buy has followed an opposite path. Each problematic announcement from the company over the last year should have been enough for the board to consider replacing Philip Schoonover as CEO. The most recent bad news has forced me to finally include Schoonover in my CEO Watch list. Schoonover became CEO at Circuit City back in June 2006 and has failed to do much positive for the firm since his appointment.
Stay tuned. The company needs a major shift in strategy and new blood if it ever is going to get itself going again and turn itself around.
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