RadioShack's board of directors have asked current CEO James F. Gooch to step down from his position, effective immediately. While the management team doesn't have a replacement in mind, current CFO Dorvin Lively will assume control of the retailer while a recruitment agency begins headhunting. Neither party offered any reasons for the announcement, but the wording of the release (below) did bring to mind the phrase "bloodless coup" for some reason.
RadioShack Announces Senior Management Transition
CEO Jim Gooch to step down, Dorvin Lively named interim CEO
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 endeavors," 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."