Canton, Mass. — Joe McGuire has stepped down as president/CEO of Tweeter Newco, effective yesterday.
According to Tweeter chairman George Schultze, principal of corporate parent Schultze Asset Management, McGuire was “unable to execute the turnaround strategy.” A successor is expected to be named shortly.
No additional departures from Tweeter’s senior management team are anticipated, Schultze added. The group presently includes senior VPs Gregory Hunt (chief financial officer), Robert Staples (sales and installation services), Philo Pappas (chief merchandising officer), Patrick Reynolds (chief marketing officer) and William Morrison (chief information officer).
McGuire’s departure follows a massive
Friday that slashed headquarters staff by half.
McGuire joined Tweeter in 1996 as chief financial officer after the chain acquired Bryn Mawr Stereo and Television, where he had served as CFO for 10 years. He was named president/CEO of Tweeter in July 2005, succeeding Jeff Stone who left to head Tivoli Audio.