Coincidence??????...guess again....
At a meeting of the Circuit City board of directors on Saturday, December 17, 2005, Philip J. Schoonover was elected unanimously to the board, effective immediately, and named chief executive officer effective March 1, 2006.
Lead director James F. Hardymon stated, "On behalf of the board of directors, I want to thank Alan for his accomplishments in building a new Circuit City. During his tenure as chief executive officer, he orchestrated the transformation of the company's senior management team, a team that has already demonstrated its strong capabilities and intense desire to win, and he has made the difficult decisions necessary to turn around a company in a tough competitive market. Today, Circuit City is better positioned to succeed in the future thanks to his efforts."
McCollough, 56, joined the company in 1987 as general manager of corporate operations. He was elected assistant vice president in 1989; vice president and Central Division president in 1991; senior vice president, merchandising in 1994; president and chief operating officer in 1997; chief executive officer in June 2000; and chairman of the board in June 2002. McCollough has been a director of the company since 1999.
Hardymon continued, "The board is excited about Phil stepping up to the CEO role and leading Circuit City through its next chapter of success. He combines exceptional experience in the consumer electronics industry with strong vision and great leadership skills. Phil has clearly demonstrated those skills over the past year as he led the operational transformation of the company and started our innovation work, which is a critical component of the company's future success."
Schoonover, 45, joined Circuit City as executive vice president and chief merchandising officer in October 2004 and was named president in February 2005. Schoonover has been responsible for the store operations, marketing, merchandising, supply chain, business development and strategy groups. Prior to joining Circuit City, he was executive vice president -- customer segments at Best Buy Co., Inc. from April 2004 until September 2004. Schoonover joined Best Buy in 1995 and served in various senior management positions in merchandising and new business development. He has also held senior management positions with TOPS Appliance City and senior sales and marketing positions with Sony Corporation of America.
and Schoonover was there for this.....
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Best Buy and Netflix Offer Co-Branded Online DVD Movie Rental Service
Cross-Channel, Joint-Marketing Alliance Makes Purchasing and Renting DVDs Easier than Ever
MINNEAPOLIS, MN - September 11, 2001- Best Buy Co., Inc. (NYSE: BBY), the nation's number one specialty retailer of consumer electronics, personal computers, entertainment software and appliances, and Netflix (Netflix.com), the largest online DVD rental source, today announced a strategic marketing alliance designed to make the purchase and rental of DVD movies easy and accessible to consumers nationwide. As part of the agreement, Best Buy and Netflix have launched a co-branded DVD rental service that is accessible through BestBuy.com, SamGoody.com, MediaPlay.com, OnCue.com and Suncoast.com.
The alliance brings together two early pioneers of the DVD market: Best Buy, the first major retailer to devote a considerable in-store presence to support the DVD platform; and Netflix, which launched its innovative subscription service nearly two years ago and has quickly grown to become the Internet's largest DVD rental service with more than 300,000 active subscribers. Through Netflix, movie fans can rent as many DVDs as they like for $19.95 a month, with up to three movies out at a time. The movies are delivered via first class mail in a postage-paid return mailer and there are no late fees or no due dates.
Under the agreement, Best Buy has introduced a co-branded version of the online DVD rental service to its customers through its five online Web sites and will launch joint-marketing programs at the Company's 1,800-plus retail stores this fall. In turn, Netflix directs its customers interested in buying DVDs to Best Buy's Web sites to make their purchases.
"The agreement with Netflix is a key initiative that supports Best Buy's commitment to providing new entertainment solutions to meet customer needs," said Scott Young, vice president and general manager of Entertainment for BestBuy.com. "Adding a DVD rental subscription to our mix of entertainment products and services builds on Best Buy's leading position with entertainment customers today and prepares us for the future."
The alliance further positions Best Buy as a full-service movie destination, creates ongoing relationships with customers through a subscription model and strengthens Best Buy's market- leading position in entertainment and technology. In addition, the relationship will position Best Buy and Netflix for the potential addition of future digital service offerings such as Video-On-Demand.
"This relationship has considerable advantages for both parties," said Mitch Lowe, vice president of Strategic Alliances at Netflix. "For Netflix, the agreement provides a highly visible presence in more than 1,800 retail stores nationwide and exposure to consumers who visit Best Buy stores and Web sites. For Best Buy, the relationship provides a steady stream of consumers who want to buy DVDs and a tangible stake in the rapidly growing DVD rental market."
The co-branded DVD rental service is currently available online and will be promoted through Best Buy, Sam Goody, Media Play, On Cue and Suncoast brick and mortar stores this fall. Internet users can directly access the online DVD rental sites at www.netflix.com/bestbuy, www.netflix.com/samgoody, www.netflix.com/mediaplay, www.netflix.com/oncue, and www.netflix.com/suncoast.
