Circuit City ousts CEO

Allan Gunneson — Tue, 20 May 2008 11:12:00 -0700

Philip J. Schoonover's "grand plans" to turn around Circuit City are failing.

As stated by Herb Greenberg in the WSJ back in January, Schoonover is the worst CEO of 2008.

His plan of replacing 3,400 talented employees with cheaper hires, coupled with several missteps both operationally and financially, have the company in serious financial trouble.

With Circuit City's continued stock free fall (losing over 80% over the last several months), the drums are beating for change.

This prediction is that Philip J. Schoonover will be leaving the company to "spend more time with his family". By August 1, 2008, Circuit City's current CEO will have stepped down, resigned, or have been removed by the board and/or shareholders. Change is in the air.

Bets will close on July 25, and judgment will be made on August 1, 2008, unless events occur earlier.

(Ed. note: Some minor words edits have been made by The Standard in order to clarify the rules of this prediction.)

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Circuit City ousts CEO