Circuit City CEO Ousted; Stock Jumps

| About: Circuit City (CCTYQ)

Circuit City (NYSE:CC) on Monday afternoon announced that Philip Schoonover has “agreed to step down” as chairman, president and CEO of the company. He also gives up his board seat.

Schoonover had joined the company in 2004, became president in 2005 and has been chairman and CEO since 2006.

James Marcum, a director of the company since June, and vice chairman since August 18, was named acting president and CEO. The board named director Allen King, retired chairman of leaf tobacco company Universal Corp., as chairman.

CC also said that results for its fiscal second quarter ended August 31 will be slightly better than the previous forecast loss from continuing operations of $170 million to $185 million before charges. The company will report results September 29.

Is the Street sad to see him go? Apparently not: after hours, the stock is up 22 cents, or 12.9%, to $1.92.