RadioShack Corp. on Wednesday said its chief executive, James F. Gooch, was stepping down.
Gooch’s departure is effective immediately, and the company’s board is already bringing in an executive search firm to find his replacement. Previously Radio-Shack’s chief financial officer, Gooch was chief executive for less than a year and a half.
The strip mall staple’s stock has tanked more than 80 percent since. While announcing the retailer’s second-quarter earnings in July, Gooch said in a statement that “overall, our business performed below expectations.”
The company suffered a net loss of $21 million after earning $24.9 million in the year-earlier quarter.