I think the raspy-voiced octogenarian working the McDonald's drive-thru window has lasted longer at her position than the recent slew of Circuit City executives.
Today, the electronics retailer announced that David L. Mathews, executive vice president of merchandising, services and marketing, has resigned after less than a year in his current position. The senior-level resignation, which comes in at number 3 for CC in the last year, couldn't have come at a worse time, as Black Friday is less than 3 weeks away. Some analysts speculate that the increasing turnover may signal bad news within the walls of Circuit City.
With Mathews leaving to head up Orchard Brands in New England, Circuit City's key merchandising functions will now go to Chairman and Chief Executive Philip Schoonover. The plate of Schoonover is already virtually full, though, as the CEO remains tied up overseeing corporate restructuring and other major CC changes.
As a result of yet another executive abandoning his post, shares of Circuit City today fell to a new annual low of $7.19. Since its 10-week and 20-week moving averages made a bearish cross in December 2006, the stock hasn't muscled enough to recover. Consistently meeting resistance at its 20-day moving average, CC has cascaded more than 61% since late April.