RadioShack's Day to Retire

RadioShack Chairman and CEO Julian Day will retire from the company this May, the company announced Monday. Day had held the top spot at RadioShack since 2006.

Chief Financial Officer Jim Gooch will replace Day as CEO and join the board of directors, while Daniel R. Feehan will become non-executive chairman of the board. The company did not announce a replacement for Gooch as CFO.

"Julian has led RadioShack through a significant business transformation since 2006," Feehan said in a statement. "His highly disciplined approach to cost control and focus on profitability has greatly strengthened our balance sheet and financial foundation. At the same time, he also brought value to our brand by instilling a strong sense of customer service in all of our retailing channels and has revitalized our company with consumers. Thanks to his leadership and the efforts of RadioShack employees, our company is financially strong and has a rebalanced product portfolio."