RadioShack VP of store operations quits after 15 months
04/22/2014 1:28 PM
04/22/2014 11:37 PM
Troy Risch, executive vice president of store operations for RadioShack Corp. for 15 months, resigned last week “to pursue other interests.”
Risch quit Friday, according to a Securities and Exchange Commission filing Tuesday. RadioShack, the Fort Worth-based consumer electronics chain, said other managers will assume his duties for now.
The filing offered no other details. The resignation comes as RadioShack prepares to close up to 1,100 stores nationwide and stem heavy losses.
Risch joined RadioShack in January 2013 from Target Corp., where he worked for 19 years. He came to RadioShack a month before Joseph Magnacca, a former Walgreen executive, was hired as CEO.
“We wish him the best,” said Merianne Roth, RadioShack’s vice president of communications. “We are going to use the change to leverage our new leadership and talent. Joe is personally passionate about how our stores are operated and has been spending a significant amount of time in our stores and with store leaders.”
RadioShack has struggled for years. In March, the retailer said it would close 1,100 of its 4,300 company-owned stores, sparking concern from its lenders. In December, the company lined up $835 million in financing to help fund its turnaround.
Risch was one of five top executives for whom RadioShack’s board recently approved retention bonuses. He was required to stay on through March 1, 2015, to receive a bonus of $275,000.
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