Consumer electronics retailer RadioShack Corp. (RSH: Quote) announced Wednesday that James Gooch would step down from his positions as chief executive and director of the company, effective immediately.
"We thank Jim for his service to the Company and wish him well in his future endeavors," Non-Executive Chairman Daniel Feehan said in a statement.
The company said its board is in the process of retaining an executive search firm to assist in conducting the search for a new CEO, which may also include internal candidates.
Gooch has been serving as president since January 2011 as well as CEO and a director of RadioShack since May 2011. He joined RadioShack as CFO in August 2006, after serving 10 years with Kmart Holding Corp. and later Sears Holdings Corp. (SHLD) after the merger with Sears, Roebuck and Co.
At Sears/Kmart, Gooch served in several positions including being vice president, controller, treasurer, and vice president of corporate financial planning and analysis. He also worked at Helene Curtis, Quaker Oats Co. and Entertainment Publications.
Meanwhile, the company has named Executive Vice President and CFO Dorvin Lively as the interim CEO, working under the board's oversight.
Lively is a 30-year veteran of corporate finance for retail and consumer-products companies. He joined RadioShack in August 2011 from Ace Hardware Corp., where he served as CFO since 2008.
Lively's previous assignments include being CFO for Maidenform Brands, Inc. (MFB), corporate controller for Toys R Us, controller for Readers Digest and CFO and corporate secretary for Silverado Foods. He began his corporate career at Pepsi-Cola International Ltd. USA after working as a senior audit manager for the former Arthur Andersen LLP.
RSH closed Tuesday's regular trading session at $2.56, down $0.34 on a volume of 6.80 million shares.
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by RTT Staff Writer
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