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Circuit City CEO Receives $1.8M Severance Package(InvesTrend Via Acquire Media NewsEdge) September 26, 2008 (FinancialWire) -- Departing Circuit City (NYSE: CC) (Current Market Cap: US$242.66 Mil.) chief executive Philip Schoonover will receive at least $1.8 million in severance pay after resigning from the company earlier in the week. Schoonover, who agreed to step down last Monday as chief executive, chairman and president of the struggling electronics chain, will receive his annual base salary and the target bonus for the current fiscal year, each worth $900,000, according to documents filed with the Securities and Exchange Commission. The 48-year-old will also receive health and welfare benefit plan participation for two years, up to $50,000 in outplacement services and the acceleration of the vesting of his stock options and restricted stock awards. Circuit City has seen only one profitable quarter since the second quarter of 2007, but has often defended its multiyear turnaround plan. Circuit City shares sank to their lowest level in more than 22 years on Thursday, falling as low as $1.40 before closing at $1.44, down 10 cents, or 6.5%. FinancialWire is a fully independent, proprietary news wire service of It is not a press release service and receives no compensation from any company for its news or opinions. All FinancialWire news is available at http://www.financialwire.net . The FinancialWire NewsFeed is available in multiple formats at http://www.investrend.com/XmlFeeds?level=268 . Please address any inquiries to [email protected] . Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 . (Distributed for Investrend Communications, Inc. via M2 Communications Ltd (www.m2.com)) Copyright ? 2008 M2 Communications Ltd. |