Forth Worth, Texas — 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 of directors, 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 to the assortment, 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 from other retailers and the carriers themselves.
“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. “The search for a chief executive officer is progressing and the board is in very capable hands. I look forward to watching RadioShack progress in the years ahead.”
