Edmondson to Lead RadioShack
Fort Worth, Texas, RadioShack announced a changing of the guard. Leonard Roberts, chairman and CEO, and David Edmondson, president and COO, will continue leading the company, but with different roles. RadioShack Corp. said Roberts, 55, will transition out of the CEO role over the next four months and will continue as executive chairman. The board selected Edmondson, 45, as the company’s president and CEO, effective at the annual shareholders meeting on May 19. The CEO transition is a planned succession that follows Edmondson’s promotion to president and COO in December 2000. Edmondson was also elected to the company’s board of directors.
Big 5 Sporting Goods Posts 4Q Increase
El Segundo, Calif., Big 5 Sporting Goods reported that net sales for the fourth quarter increased 13.4% to $217.6 million from $191.8 million for the corresponding period a year ago. Same-store sales for the quarter rose 2.6%.
Full-year net sales increased 9.8% to $778.9 million from $709.7 million in fiscal 2003, and same-store sales increased 3.5%.
More Trouble at OfficeMax
Itasca, Ill., OfficeMax, the third-largest office-products retailer, lost CFO Brian Anderson, who resigned after holding the top financial post at the chain for just two months. The company offered no elaboration on his departure, but said former CFO Ted Crumley will return to the company and fill the post on an interim basis during a search for a long-term replacement.
The company also will delay the company’s earnings release for the fourth quarter while it completes an internal investigation of possible accounting irregularities. The company cut its forecast for fiscal 2004 performance about three weeks ago.