By Tiffany Hsu
8:10 AM AKDT, September 26, 2012
Electronics retailers can’t seem to hold on to their head honchos these days, as RadioShack Corp. said its chief executive, James F. Gooch, was stepping down.
Gooch’s departure is effective immediately and the company’s board is already bringing in an executive search firm to find his replacement. Previously RadioShack’s chief financial officer, Gooch was chief executive for less than a year and a half.
The strip mall staple’s stock has tanked more than 80% since. While announcing the retailer’s second-quarter earnings in July, Gooch said in a statement that “overall, our business performed below expectations.” The company suffered a net loss of $21 million after earning $24.9 million in the year-earlier quarter.
RadioShack is struggling with many of the same competitive pressures -- online vendors such as Amazon.com, its own low-margin sales strategy -- that is bringing Best Buy low. Best Buy last month named its third chief executive in six months.
In a standard kiss-off, RadioShack board 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, the company’s executive vice president and chief financial officer, will serve as acting CEO.
In midday trading in New York, RadioShack shares were down 2 cents to $2.54.