Business

New RadioShack CEO departs after less than a year on the job

RadioShack operates more than 1,700 stores including this location on Western Center Boulevard in Fort Worth.
RadioShack operates more than 1,700 stores including this location on Western Center Boulevard in Fort Worth. Star-Telegram

Ron Garriques has departed as chief executive officer at RadioShack less than a year after taking over at the downsized Fort Worth consumer electronics chain.

A company representative confirmed the departure on Wednesday, saying that Garriques stepped down “to pursue other interests in a role that will put him back closer to his family.”

Chief Financial Officer Gordon Briscoe will serve as interim CEO until the company’s board finds a permanent replacement.

Garriques, a former executive with Dell and Motorola, was hired as CEO in April after the New York hedge fund, Standard General, acquired 1,743 stores in bankruptcy court. He succeeded Joe Magnacca, who stepped down as CEO at that time.

Since taking over, Garriques led RadioShack’s efforts to reinvigorate the business with new store designs including Sprint wireless centers, and hired comedian/actor Nick Cannon as Chief Creative Officer.

Also stepping down was Chief Revenue Officer Marty Amschler. He is being replaced by Todd Schrader as vice president of stores and Tom Maria as vice president of store operations.

RadioShack filed for bankruptcy about a year ago after three years of losses. It quickly closed more than half of its 4,000-plus stores, selling the rest to Standard General.

In a recent interview with the Star-Telegram, Chief Marketing Officer Michael Tatelman said the company is focused on offering a more curated selection of products at strong locations and said the company planned to enhance its online presence for customers.

Separately, Arizona-based Massage Envy, a franchisor of massage and skincare stores, said this week it had hired Magnacca as its new CEO.

Based in Scottsdale, Massage Envy has more than 1,100 locations in 49 states and uses a membership model to deliver massages, facials and other services. It is owned by Roark Capital Group, an Atlanta-based private equity group that has interests in a number of food and service brands including Arby’s, Cinnabon, McAlister’s Deli and Wingstop.

A former Walgreens executive, Magnacca joined money-losing RadioShack in February 2013 and tried to pump new energy into the electronics retailer by unveiling concept stores, revamping merchandise and boosting marketing. But losses mounted and the company entered bankruptcy after creditors blocked his plan to close as many as 1,000 stores.

Steve Kaskovich: 817-390-7773, @stevekasko

A radio station in Albany, N.Y., created a musical ode to RadioShack, the Fort Worth electronics retailer.

 

  Comments