RadioShack‘s (NYSE:RSH) tumultuous year hit another hurdle Wednesday when CEO James Gooch announced he would be stepping down immediately.
The company said it is seeking out an executive search firm to find its next chief executive officer; in the interim, Chief Financial Officer Dorvin Lively will take the helm.
RSH shares have lost nearly three-quarters of their value this year as it struggles with the same issue plaguing other brick-and-mortar retailers like Best Buy (NYSE:BBY) and Staples (NASDAQ:SPLS) — namely, the increasing reach of Amazon (NASDAQ:AMZN) and other online etailers.
RadioShack was slammed earlier in the year on a fourth-quarter earnings warning, then suffered another setback this summer when it reported a surprise loss in its second quarter and suspended its dividend.
— Kyle Woodley, InvestorPlace Assistant Editor