Former Best Buy Executive Makes Circuit City Profitable
A former Buy Buy executive is now CEO of Circuit City, as Circuit City turns from losses to profitability. That’s one CEO that knows not to align his Circuit City customers with predatory credit cards and predatory lending. The Best Buy credit card is managed by Household Internaitonal but the new name of the nation’s largest predator is now HSBC Finance Corporation.
For the quarter ended Nov. 30, Circuit City earned $10.1 million, or 6 cents a share, up from a loss of $5.9 million, or 3 cents a share, a year earlier. The company also named Philip J. Schoonover to succeed Alan W. McCollough as chief executive
Schoonover joined Circuit City as executive vice president and chief merchandising officer in October 2004 and was named president in February 2005. He has been responsible for store operations, marketing, merchandising, supply chain, business development and strategy groups. Prior to joining Circuit City, Schoonover was executive vice president, customer segments, at rival electronics chain Best Buy Co. (BBY).
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