Circuit City Stores Inc., the nation's No. 2 chain of consumer electronics stores, said Tuesday that Philip J. Schoonover has been elected chairman of the company's board of directors.
Schoonover, a former executive with rival Best Buy Co Inc., was named CEO of Richmond, Va.-based Circuit City in March, succeeding W. Alan McCollough. Now he will also succeed him as chairman.
McCollough retired from the board Tuesday after the company's annual shareholders meeting in Richmond -- and following about two decades with the retailer. He has been credited with helping Circuit City revamp its aging stores and return to profitability.
"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," McCollough said in a statement.
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Schoonover, 46, joined the company in 2004 as executive vice president and chief merchandising officer.
Circuit City had a $6.4 million profit in its fiscal first quarter after selling more high-end televisions and digital-music players.