RadioShack's Gooch out as CEO after one year
updated 05:19 pm EDT, Wed September 26, 2012
Retailer looks to change direction, no permanent successor yet
James F. Gooch, CEO of RadioShack, will be stepping down after a little more than a year on the job. A RadioShack spokesperson confirmed to The Wall Street Journal today that Gooch would be departing as the company seeks to "establish the right leadership to address the company's challenges and capitalize on its opportunities." RadioShack has not yet lined up a permanent replacement for Gooch.
Current RadioShack CFO Dorvin Lively will be stepping in as acting CEO until the board locates a suitable successor. Lively has served in financial positions for retail and consumer-products companies, and he came to the electronics retailer in August of 2011 from Ace Hardware.
Gooch was named CEO in May of 2011, having before that served since 2006 as chief financial officer. Gooch will also be giving up his seat on RadioShack's board.
Gooch's departure follows the resignation of Chief Merchandise Officer Scott E. Young this past June and the departure of Lee Applbaum, chief marketing officer, this past March. Those positions have yet to be filled permanently.
Over the past year, RadioShack has lost 80 percent of its value as its bids to stay competitive with the likes of Best Buy and Amazon appears to be foundering. Shares of the company were up today, but that represents only a slight recovery from the 16 percent drop shares underwent yesterday when S&P Dow Jones Indices cited small market capitalization in removing RadioShack from its midcap index.
