Struggling American electronics retail chain RadioShack today announced that its board has agreed that chief executive officer James (Jim) Gooch will step down, effective immediately.

He will be temporarily replaced by Dorvin Lively, the company’s executive vice president and CFO, as the board initiates a search for a permanent replacement with the help of an outside executive search firm.

Gooch became RadioShack’s CEO in May 2011 after serving as president and chief financial officer in the years prior.

The retail chain has long been under pressure from its rivals and online retailers such as Amazon.com and Overstock.com, however, and Gooch was unable to turn the RadioShack ship around.

In July 2012, RadioShack said it would be eliminating its dividend to shareholders as it reported a Q2 net loss of $21 million, or 21 cents a share, causing its stock price to collapse. It was its largest quarterly loss since 1996.

The company offers wireless phones and other electronic products and services in its approximately 4,700 stores in the United States and Mexico.

Here’s the press release:

RadioShack Announces Senior Management Transition

CEO Jim Gooch to step down, Dorvin Lively named interim CEO

FORT WORTH, Texas, Sept. 26, 2012 /PRNewswire/ — RadioShack Corp. (NYSE: RSH) announced today that its Board of Directors and James F. Gooch have agreed that Mr. Gooch will step down from his positions as chief executive officer and director of the Company, effective immediately.

The Board of Directors is in the process of retaining an executive search firm to assist in conducting a search for a successor. The Board does not intend to place any limitations on the search, which may include internal candidates. Dorvin Lively, the Company’s executive vice president and chief financial officer, will assume the interim role as acting CEO, working under the Board’s oversight.

“We thank Jim for his service to the Company and wish him well in his future endeavors,” said Daniel R. Feehan, non-executive chairman of the board for RadioShack Corp.

“I would like to thank my colleagues on the Board and everyone at the Company for their strong support,” Mr. Gooch said. “I wish them all great success in the future.”

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