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updated: 9/26/2012 7:18 AM

RadioShack CEO Gooch steps down

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Associated Press

FORT WORTH, Texas -- RadioShack says CEO James Gooch has agreed to step down immediately and is leaving its board of directors.

The struggling consumer electronics company has begun a search for a replacement.

RadioShack says Chief Financial Officer Dorvin Lively will serve as interim CEO.

RadioShack Corp. says it is in the process of hiring an executive search firm to help find a new CEO and that it may consider both internal and external candidates. Gooch had become CEO on May 2011.

In July RadioShack posted an unexpected second-quarter loss and suspended its dividend.

RadioShack, which is based in Fort Worth, Texas, has about 4,700 company-run stores in the U.S. and Mexico. It has approximately 1,500 U.S. wireless phone centers and about 1,100 dealer and other outlets worldwide.

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