Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
CEO Julian Day will retire in May, with CFO Jim Gooch set to replace him.
Julian Day will retire May 16 as chairman, CEO, and a director of RadioShack Corp. Jim Gooch, the multichannel retailer’s chief financial officer, will take over as CEO and director upon Day’s retirement; the company’s board of directors already has named Gooch president, effective immediately. RadioShack is No. 240 in the Internet Retailer Top 500 Guide.
The consumer electronics retailer also is making a structural change, separating the chairman and CEO jobs. Daniel Feehan, the board’s presiding director, will take over as non-executive chairman when Day retires. Feehan works as president and CEO of Cash America International Inc., a pawn shop chain.
"Julian has led RadioShack through a significant business transformation since 2006," says Feehan. "His highly disciplined approach to cost control and focus on profitability has greatly strengthened our balance sheet and financial foundation. At the same time, he also brought value to our brand by instilling a strong sense of customer service in all of our retailing channels and has revitalized our company with consumers.”
Gooch, 43, was hired as chief financial officer of RadioShack in August 2006. He worked 10 years with Kmart Holding Corp. and subsequently Sears Holdings Corp., No. 8 in the Top 500 Guide.
Also today, RadioShack announced its preliminary fourth quarter earnings. Total net sales increased approximately 4% to $1.37 billion, the retailer says, without providing e-commerce estimates. RadioShack expects to release final figures the week of Feb. 21.