RadioShack CEO Julian Day retiring

Fort Worth, Texas -- RadioShack said Monday its chairman and CEO Julian Day is leaving and announced disappointing fourth-quarter guidance. Day, 57, will retire as chairman, CEO and a director as of its annual shareholder meeting on May 16.

The company brought on former investment banker Day -- best known for pulling Kmart out of bankruptcy -- as chairman and CEO in 2006 to help turn around results.

Since then the company has shifted its focus to smart phones and wireless plans and mobile phone kiosks with some success. But Monday it said "disappointing performance" from its T-Mobile business and a shift in sales toward lower margin handsets hurt results in the fourth quarter.

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