RadioShack Corp. (RSH) stock is plunging on news that its chairman and chief executive officer, Julian Day, will retire in May. The company also posted preliminary fourth-quarter earnings that fell below analyst’s expectations.
RSH shares are down 11.24 percent as of 10:06 a.m.
Jim Gooch, chief financial officer, will succeed Day.
The management changes comes at a “perilous and difficult time,” wrote David Strasser, an analyst for Janney Montgomery Scott in New York, in a note to clients.
The new measure will “plague the stock, as the burden of proof is definitely on Jim Gooch and current management to lay out and execute a credible plan.”