Just when you think things have sunk just about as low as they can go at RadioShack, a piece of news comes along that shows you just how wrong you can be.
The latest announcement from the consumer electronics chain is that Jim Gooch, RadioShack's CEO since May of last year, is stepping down immediately.
Mr. Gooch, who first joined RadioShack as CFO in 2006, has been looking to establish the company as a leader in the mobile technology space. Mr. Gooch has maintained the initiative was showing results, but clearly not quickly enough for investors. RadioShack reported a loss of $21 million in the second quarter. At the time, Mr. Gooch said, "We saw incremental improvement throughout the quarter as we successfully connected with our customer base and drove sales growth in this key category through effective promotions and the expansion of our Target Mobile centers."
RadioShack announced it would retain an executive search firm to look for a new CEO. The company's CFO Dorvin Lively will assume the role of acting CEO on an interim basis. According to a company release, "The board does not intend to place any limitations on the search, which may include internal candidates."