News Column

RadioShack CEO Steps Down

Sept. 28, 2012

Staff and Wire Reports

RadioShack said Wednesday that its CEO is leaving under an agreement with the board, the latest blow for the struggling electronics retailer.

Fort Worth-based RadioShack Corp. said James Gooch will step down immediately and is leaving its board of directors. Chief Financial Officer Dorvin Lively will serve as its interim CEO while it looks for a permanent replacement.

RadioShack has faced declining net income in the past two years. The chain's troubles are partly due to wider problems in the brick- and-mortar electronics industry - the notion that selling consumer electronics in such stores is becoming less and less viable.

In its latest quarter, RadioShack reported an unexpected $21 million loss as its shift toward selling smartphones and their accessories was not enough to offset a decline in demand in other consumer electronics.

Gooch became CEO in May 2011 as part of the company's succession plan. He joined RadioShack in 2006 as its CFO.

Shares of RadioShack are down 74 percent this year.

Source: (C) 2012 Tulsa World. via ProQuest Information and Learning Company; All Rights Reserved

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