RadioShack's CEO Is Out After 16 Rough Months On The Job

radioshack ceo jim gooch

Photo: AP

RadioShack CEO Jim Gooch is stepping down from his post, effective immediately, after about 16 months on the job.CFO Dorvin Lively will fill the void as interim CEO.

“In its discretion, the board the decided the timing was right,” a RadioShack spokesperson tells the Wall Street Journal. 

Gooch started at the consumer electronics retailer in 2006 in the CFO role. He was promoted to CEO in May 2011 after his predecessor Julian Day retired.

RadioShack is going to need more big moves to turn things around, but it’s showing its willingness to change things up. It has lost 80 per cent of its value over the past year, according to the WSJ.

Gooch is the third c-suite exec to leave RadioShack this year. The company’s chief marketing officer and chief merchandising officer positions still don’t have permanent replacements.

Here’s the full press release:

FORT WORTH, Texas, Sept. 26, 2012 /PRNewswire/ — RadioShack Corp. (NYSE: RSH) announced today that its Board of Directors and James F. Gooch have agreed that Mr. Gooch will step down from his positions as chief executive officer and director of the Company, effective immediately.

The Board of Directors is in the process of retaining an executive search firm to assist in conducting a search for a successor. The Board does not intend to place any limitations on the search, which may include internal candidates. Dorvin Lively, the Company’s executive vice president and chief financial officer, will assume the interim role as acting CEO, working under the Board’s oversight.

“We thank Jim for his service to the Company and wish him well in his future endeavours,” said Daniel R. Feehan, non-executive chairman of the board for RadioShack Corp.

“I would like to thank my colleagues on the Board and everyone at the Company for their strong support,” Mr. Gooch said. “I wish them all great success in the future.”

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