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Edmondson Officially Takes Over Reins At RadioShack

5/20/2005 09:37:00 AM Eastern

Fort Worth, Texas - David Edmondson, 45, officially took over as CEO of RadioShack at yesterday’s annual shareholders meeting, here.

RadioShack’s board announced the move on Jan. 13. Former chairman and CEO Leonard Roberts, 55, has become the company's new executive chairman.

Edmondson was previously named president and chief operating officer and elected to the company's board in December 2005. He will retain the title of president in the new structure.

Edmondson began with RadioShack in 1994 as marketing VP for the retail division. As COO, he is credited with improving the company's supply-chain management process, establishing a retail services division to leverage the company's core competencies to increase revenue and profits, and negotiating and implementing mutually beneficial strategic partnerships with companies including Sprint, Hewlett-Packard, Verizon Wireless, Cingular Wireless and T-Mobile.

Two years ago, RadioShack’s board approved the company's Solutions Strategy that was developed by Edmondson and Roberts, “To dominate cost-effective solutions to meet everyone's routine electronics needs and families’ distinct electronics wants,” the company said. This multi-year growth strategy is aimed at increasing operating efficiencies, revitalizing RadioShack's retail experience, and capitalizing on new initiatives that leverage the company's retail expertise.

“We will continue to focus on executing the company's core strategy, and in doing so, I have four simple priorities in my new role as CEO,” said Edmondson. “Those include improving the overall customer experience at RadioShack; rationalizing and improving the company's infrastructure; leveraging our core skills and assets to produce new sources of revenue and profits; and attracting, retaining and developing talented employees who can contribute to our long-term growth.”

As executive chairman, Roberts will continue to be active with the company, helping to guide long-term strategic opportunities, representing the company with key industry, civic and philanthropic constituents, and providing leadership to company’s board.

Separately, RadioShack today held the grand opening of StoreOne, the chain's new prototype flagship store located at the foot of company headquarters in downtown Forth Worth.

Modeled after "the ultimate modern home of the future," the 10,000-square-foot, two-story retail laboratory was designed to offer "an incredible experience to visitors, but even more importantly, provide valuable insights that will enable us to strengthen our people, processes and product offering," said Edmondson.

The interactive store features a family room, home office, garage, game room and kitchen, plus a "MotoZone" activity area sponsored by Motorola, and encourages customers to try out its broad CE assortment within the real-life settings.

"The look and feel of StoreOne support the ongoing revitalization of the RadioShack brand," said Don Carroll, senior VP/chief marketing and brand officer. "Our goal is to infuse that same energy and freshness throughout all RadioShack stores and communications to keep RadioShack fresh, relevant and vibrant for today’s customers."

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