Top execs quit at Circuit City and Unisys

Circuit City and Unisys will be getting new CEOs

IT services specialist Unisys and US consumer electronics vendor Circuit City have both announced the departure of their chief executives.

Joseph W McGrath will end his three-year run at the helm of Unisys as soon as a successor can be found. The company has already formed a committee to find an new candidate.

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 faced a sagging stock price in recent months and growing unrest among shareholders.

Circuit City, meanwhile, announced that its top executive and chairman Philip Schoonover would be stepping down from both positions with immediate effect.

Board member James Marcum will take over as chief executive, while Allen King will assume the job of chairman.

Circuit City 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," said King 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."