Newly Configured Radio Shack Loses CEO After Less Than A Year
By Christine Kern, contributing writer
Ron Garriques announces he is leaving Radio Shack to “pursue other interests.”
Radio Shack has faced some serious challenges in recent years, culminating in bankruptcy and the sale of the company name to Standard General last spring. Ron Garriques stepped into the CEO role of RadioShack after it filed for bankruptcy and was sold. Now he has reportedly has announced that he is stepping down from his leadership role “to pursue other interests in a role that will put him back closer to his family,” according to the Star-Telegram .
Radio Shack entered into an agreement with General Wireless, an investment unit from Standard General, that created 1,750 co-branded stores selling both Sprint products and those from Radio Shack, Innovative Retail Technologies reported.
Among other changes to the redesigned stores was the addition of comedian-actor Nick Cannon as chief creative officer to drive marketing. RadioShack’s rebirth last year also included a $75 million financial package to help with the store revamp to make them competitive in the 21st century marketplace. Garriques’ surprise departure leave questions about the future prospects of the chain.
Garriques succeeded Joe Magnacca, who stepped down as CEO last April. According to a company representative, Chief Financial Officer Gordon Briscoe will step in as interim CEO until a permanent replacement is named by the board.
Chief Revenue Officer Marty Amschler is also stepping down, and his role is being replaced by Todd Schrader as vice president of stores and Tom Maria as vice president of store operations.
Chief Marketing Officer Michael Tatelman recently told the Star-Telegram that Radio Shack is focused on curating the selection of products at strong locations while also enhancing its online presence for customers.
Radio Shack currently operates more than 1,700 stores.