RadioShack CEO steps down immediately

RadioShack is now on the hunt for a new chief executive as Jim Gooch steps down.
Written by Rachel King, Contributor

RadioShack has weathered a lot of storms in the last few years, and the electronics retail chain could go either way at this point now that it's lost another chief executive.

CEO Jim Gooch has stepped down from his post, effective immediately, according to a statement published by RadioShack on Wednesday. He became CEO in May 2011.

Although a reason was not specified, the release did stipulate that both RadioShack's board of directors and Gooch agreed that he would step down as CEO and director.

Gooch's profile has already been removed from RadioShack's executive management list.

For now, RadioShack's chief financial officer Dorvin Lively will serve as interim CEO, working under the board's oversight while it embarks on a the search for a successor. RadioShack's board acknowledged that the search could include internal candidates.

While big box retailers like Best Buy and online giant Amazon have really dominated the consumer tech market in the last few years, there is still room for opportunity for RadioShack with the right direction and leadership.

RadioShack has tried various schemes such as selling iPhones for a few bucks less than competitors to get people in the doors, but often times its prices are more expensive.

But really, that could work for RadioShack as some of its locations often fit a void in the same way that corner stores do for large grocery markets. It's more of a convenience store for tech than anything else.

The problem for the next CEO of RadioShack will be striking a balance between that and the sheer cost savings found with online retailers, which might not be able to deliver as fast as buying something in a brick-and-mortar store, but most of the time that probably doesn't matter.

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