RadioShack Corp said its Chief Executive Julian Day plans to retire at its annual shareholder meeting slated for the week of May 16 and forecast a weak fourth-quarter profit, sending its shares down 11 percent.

The consumer electronics chain said Chief Financial Officer Jim Gooch will replace Day.

Daniel Feehan, the board's current presiding director, will become non-executive chairman of the board upon Day's retirement, the company said in a statement.

For the fourth quarter, RadioShack expects to earn 50-54 cents a share, while analysts on average expect a profit of 66 cents a share, according to Thomson Reuters I/B/E/S.

Preliminary total net sales for fourth quarter increased about 4 percent to $1.37 billion, while same-store sales rose about 1 percent.

The Fort Worth, Texas-based company's shares were down 11 percent at $15.66 in Monday morning trade on the New York Stock Exchange.

(Reporting by Viraj Nair in Bangalore; Editing by Anne Pallivathuckal)