Circuit City names new CEO as revenues improve
Circuit City Stores Inc. is the second largest consumer electronics chain in the United States and they have just revealed their revenue figures for the last quarter. The company has posted its first back-to-back quarterly profit in more than three years. They also announced that they are appointing its president as their new CEO.
Circuit City said that the profits in the last quarter reversed a year-earlier loss and they have benefited immensely due to increasing interests in the flat-panel televisions. The company even went on to raise its expectations for fiscal 2006 sales growth. Apart from this, they have announced that their current Chairman and Chief Executive Alan McCollough would retire.
President Philip Schoonover who was once a senior Best Buy executive would replace McCollough on this position. The company has worked hard on competing with the rivals Best Buy and has been working hard on renovating their existing stores to attract new customers. Circuit City is also trying to make more efficient promotion of their stores and hire more eligible management people.
McCollough said on a conference call on the companyâ€™s future plans: “While we acknowledge there remains a lot of work yet to do, we are absolutely moving in the right direction.â€ He also added that after his retirement, the company is now capable enough to carry on and grow with the new people they have hired in the recent times.