IT services specialist Unisys and US consumer elctronics vendor Circuit City both announced the departure of their respective chief executive officers.
For Unisys, Joseph W. McGrath will end his three year run at the helm of the company as soon as a successor can be found. The company has already formed a search committee to find McGrath's successor.
McGrath, who had been with the company for nine years, agreed to leave in order to "best enable Unisys to move forward on accelerating execution of the company’s strategy," according to a company statement.
Unisys has in recent months been faced with a sagging stock price and growing unrest among shareholders.
Meanwhile, Circuit City announced that its top executive and chairman Philip Schoonover would be stepping down immediately from both positions.
Board member James Marcum will take over as chief executive, while Allen King will assume the spot atop the board of directors.
The company hopes that Marcum, who was brought in to oversee a turnaround for the struggling retailer, will help accelerate the company's recovery.
"The board of directors is committed to accelerating the pace of the company's turnaround," King said in a statement.
"Since he joined the board in June, Jim has been very effective in partnering with senior management and in helping identify opportunities to deliver increased value for our shareholders, customers, vendors and associates over the long term."
Unisys, Circuit City boot chief executives
By Shaun Nichols on Sep 24, 2008 3:06PM