(By Balaseshan) RadioShack Corp. (NYSE:RSH), a retailer of consumer electronics goods and services, said its chief executive and director James Gooch has agreed to step down from his positions, effective immediately.
The company's executive vice president and finance chief Dorvin Lively will assume the interim role as acting CEO, working under the Board's oversight.
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.
"We thank Jim for his service to the company and wish him well in his future endeavors," said Daniel Feehan, non-executive chairman of the board for RadioShack.
The company has two segments: U.S. RadioShack company-operated stores and others. As of December 31, 2011, RadioShack operated 4,476 U.S. company-operated stores under the RadioShack brand located throughout the United States, as well as in Puerto Rico and the U.S. Virgin Islands.
On Tuesday, shares of RadioShack fell more than 16% after media speculated that the company was only allowed a limited supply of Apple Inc.'s (NASDAQ:AAPL) iPhone 5s, which was lower than the pre-order numbers it received.
RSH closed Tuesday's regular session down 16.34% at $2.56. The stock has been trading between $2.36 and $13.94 for the past 52 weeks.