RadioShack Reviews Business Activities, Elects Board Members at Annual Shareholders' Meeting
FORT WORTH, Texas, May 19, 2011 /PRNewswire/ -- RadioShack Corp. (NYSE: RSH), a leading national retailer of innovative mobile and technology products, services and accessories, completed its management transition and reviewed business highlights at its annual meeting of shareholders today in Fort Worth.
Jim Gooch, former president and chief financial officer of the Company, started his tenure as chief executive officer and was elected to the Board. Mr. Gooch succeeds Julian C. Day, who is retiring from the Company. In the meeting, Mr. Gooch summarized RadioShack's financial and operational progress during 2010 and presented his priorities for 2011.
"I am excited about the future of RadioShack. Our accomplishments over the past five years have positioned us as a well-capitalized organization with a vast store network, contemporized brand and an improved product assortment driven by our growth in mobility," Mr. Gooch said. "Looking ahead, we remain focused on growing our core mobility and signature businesses, cultivating partnerships with other leading retailers, and pursuing selective opportunities for international growth."
Also during the meeting, shareholders elected the following seven directors to serve on the Board until the next annual meeting of shareholders in May 2012: Frank Belatti, managing partner, Equicorp Partners, LLC.; Daniel Feehan, president and CEO, Cash America International; H. Eugene Lockhart, partner, Diamond Castle Holdings; Jack Messman, private equity investor and consultant; Thomas Plaskett, chairman, Fox Run Capital Associates; Edwina Woodbury, president and CEO, The Chapel Hill Press, Inc.; and Jim Gooch.
In a separate session following the meeting, Board members appointed Mr. Feehan to serve as non-executive chairman of the Board. He has served as presiding director of the Company's Board since 2003.
In a non-binding vote, shareholders approved the Company's compensation of its named executive officers as described in the 2011 proxy statement and also voted to hold a non-binding vote on the Company's named executive officers' compensation every year.
Lastly, shareholders approved the selection of PricewaterhouseCoopers LLP as the Company's independent public accounting firm for the 2011 fiscal year. No other proposals were considered during the meeting. The Company will file these voting results on Form 8-K with the U.S. Securities Exchange Commission consistent with regulatory requirements.
This press release contains or may contain forward-looking statements, as referenced in the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management's current views and projections regarding economic conditions, retail industry environment and RadioShack's performance. Factors that could significantly change results include, but are not limited to, the underperformance or loss of certain of our important vendors, difficulties associated with opening and profitably operating our new wireless kiosks in Target stores, a breach or termination by one of our wireless carrier partners of its agreement with us, overall sales performance, economic conditions, product demand, expense levels, competitive activity, interest rates, changes in RadioShack's financial condition, availability of products and services and other risks associated with RadioShack's vendors and service providers, the regulatory environment and factors affecting the retail category in general. Additional information regarding these and other factors is included in RadioShack's filings with the SEC, including its most recent Annual Report on Form 10-K filed on Feb. 22, 2011, and its Quarterly Report on Form 10-Q filed on April 25, 2011.
About RadioShack Corporation
RadioShack is a leading national retailer of innovative mobile technology products and services, as well as products related to personal and home technology and power supply needs. The Shack® offers consumers a targeted assortment of wireless phones and other electronic products and services from leading national brands, exclusive private brands and major wireless carriers, all within a comfortable and convenient shopping environment. RadioShack employs approximately 35,000 people globally, including a team of friendly and helpful sales experts who are recognized for delivering the best customer service in the wireless industry. RadioShack's retail network includes approximately 4,675 company-operated stores in the United States and Mexico, more than 1,300 wireless phone kiosks in the United States, and approximately 1,175 dealer outlets worldwide. RadioShack® and The Shack® are registered trademarks licensed by RadioShack Corporation.
SOURCE RadioShack Corp.
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