RadioShack CEO James F. Gooch steps down
Another CEO of an electronics retailer is out of a job.
RadioShack Corp. said its chief executive, James F. Gooch, was stepping down.
The troubled company issued a statement Wednesday saying that Gooch’s departure was effective immediately and that an executive search firm had been engaged to find his replacement. Gooch, who had previously been chief financial officer of RadioShack, held the CEO post for less than a year and a half.
The strip mall staple’s stock tanked more than 80% during his tenure as CEO. In the second quarter, the Fort Worth company suffered a net loss of $21 million, compared with a profit of $24.9 million in the same period a year earlier.
In issuing the earnings report, Gooch said in a statement that “overall, our business performed below expectations.”
One of RadioShack’s main bricks-and-mortar competitors, Best Buy Co., has also been going through a tough period. Last month it named its third chief executive in six months.
Both retailers have been battling competition from online sellers, including Amazon.com Inc.
RadioShack Chairman Daniel R. Feehan said in a statement Wednesday that the directors “thank Jim for his service to the company and wish him well in his future endeavors.”
Dorvin Lively, RadioShack’s executive vice president and chief financial officer, will serve as acting CEO, the company said.
RadioShack shares rose 4 cents, or 1.6%, to $2.60 a share.
