Michael Foss leaving Circuit City Stores for Petco Animal Supplies

Michael Foss leaving Circuit City Stores for Petco Animal Supplies

Circuit City Stores Inc. has announced that their chief financial officer Michael Foss is leaving the company to become finance chief at Petco Animal Supplies Inc.

The news resulted in company’s share prices taking a hit at the exchange as they went down by around 5.1 percent.

Michael Foss is leaving the company at the time they are trying to revamp its business and win back market share from other rivals.

Goldman Sachs analyst Matthew Fassler spoke about this new development at Circuit City: “CEO Phil Schoonover’s hand-picked team is turning over faster than we would like to see in a turnaround situation. Foss’ intimate knowledge of Circuit City’s financials is important at a moment when the turnaround effort appears to be leaning more on cost control.”

Foss said in a statement on his departure: “I have an opportunity not unlike Circuit City a few years ago, and I am excited to pursue a new challenge.”