Troy Risch resigned his position EVP of store operations at RadioShack the company disclosed in a filing with the Securities and Exchange Commission on Tuesday.
RadioShack had previously announced plans to close approximately 1,100 stores in its most extreme action to date as part of a turnaround strategy. The closure plan reportedly hit a snag last week when RadioShack lenders objected to the move. Disruption of the closure plan combined with the departure of the company’s top operations executive this week caused shares of RadioSchack to sink to $1.34 on Tuesday, April 22, near the 52 week low set the prior week.
Risch spent 16 months at the troubled electronics retailer and his hiring in January 2013 was seen as somewhat of a coup since had spent 19 years at Target in various operations roles including EVP of stores.
Risch joined RadioShack under the leadership of former interim CEO Dorvin Lively. However, roughly a month after Risch was hired RadioShack named former Duane Reade and Walgreens executive Joe Magnacca president and CEO to replace Lively.
As is often the case in such situations, the arrival of Risch was heralded in a triumphant press release as he was seen as a key member of the executive team that was to help RadioShack become relevant again. News of his departure was more sedate and came via a two sentence statement in a regulatory filing submitted on April 22 which noted Risch had resigned the previous Friday.