Circuit City Execs Lose Jobs in Overhaul
Richmond, Va. Circuit City Stores Inc. said Thursday two executives have lost their jobs due to organizational changes.
Chief marketing officer Peter Weedfald left the company on Friday and Steven P. Pappas, president of the company's small stores, left last week, spokesman Jim Babb said.
Both joined the company in the summer of 2006.
"It's not surprising for a company of our size, especially in the midst of a period of transformation, to have changes within its management," Babb said in an AP report. "We are making and will continue to make the organization decisions that we feel will best further our turnaround, our strategies and shareholder value."
The company reported a wider-than-expected loss for the third quarter and also anticipates a "modest loss" in the fourth quarter, the period that included the bulk of the crucial holiday shopping season.