Len Roberts will retire from RadioShack next month.
The company's executive chairman and former president/CEO said he will not stand for re-election to the board, and will step down at the completion of his current term in May. Roberts, 56, will become a consultant to the company under terms of his existing agreements with the chain, focusing on industry, civic and philanthropic activities.
In a statement, Roberts noted, “Last year following my transition to executive chairman, I began a conversation with the board about the appropriate time for me to retire from the company. With the search for a new CEO well under way, the board and I agree the best form of governance is for shareholders to vote for directors who actually intend to serve a full term. I cannot make that commitment … My interest in the company will continue in the future as both a large shareholder and as a consultant.”
Roberts is credited with revitalizing RadioShack in the late 1990s by adding high-profile brands like Microsoft, Compaq and RCA, and by showcasing them within vendor-supplied kiosks and displays. His departure comes at a tumultuous time for the company, given the sudden departure of his hand-picked successor David Edmondson, and weak sales performance as its core mobile phone business faces increased competition.
“RadioShack is now in the early stages of implementing a turnaround plan, which I believe will be a great contributing factor to the success of the company and the creation of shareholder value,” Roberts added.