Peter Weedfald yesterday announced his departure as chief marketing officer and senior vice president at electronics retailer Circuit City, a post he has occupied since September 2006.
“As Circuit City begins its new fiscal year I am leaving my position,” Weedfald said in an e-mail sent yesterday to industry and media associates. “It has been my honor and pleasure to have served so many dynamic, affable and spirited Circuit City leaders throughout our stores, departments and work groups across our multichannel retail enterprise.”
Despite his departure, Weedfald specified in the message, he remains “highly supportive” of his Circuit City colleagues who he said are “focused intently on the art of the possible during difficult, hyper-competitive and cloudy economic times.”
At press time, Circuit City has not named a replacement for Weedfald.
Weedfald’s departure comes at a time when Circuit City has chalked up net losses during five consecutive quarters and a 70% decline in share price, due in part to competition from rival electronics merchant Best Buy and from multi-category vendor Wal-Mart. CEO Phil Schoonover came to the company in March 2006 promising to turn the chain’s fortunes around.
But many analysts ascribe the continued decline in those corporate results largely to Schoonover’s decision to let go 3,400 of the chain’s most experienced salespeople in March 2007. The company also closed 70 U.S. stores and put 800 Canadian outlets up for sale.
But those measures have failed to reverse the decline in sales and share price, and Circuit City now faces shareholder opposition. Last Friday one minority investor, Wattles capital management, proposed the ouster of the Circuit City board of directors.
Weedfald came to Circuit City as senior vice president and general merchandise manager in July 2006, leaving a post as sales and marketing vice president for electronics manufacturer Samsung. He stepped into the CMO post several months after arriving at the Richmond VA-based retailer upon the departure of Fiona Dias.
In the CMO spot Weedfald helmed a number of campaigns to advertiser Circuit City’s Firedog tech support program and was part of the creative team behind the company’s current “Simplicity Guaranteed” marketing initiative.
Network
