RadioShack CEO resigns
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CEO of RadioShack Corp., David Edmondson resigned Friday after admitting to lying in the contents of his resume. Claiming to have two college degrees, a theology diploma called a ThG, and four years of education, Mr. Edmondson only attended two semesters at a college known now as Heartland Baptist Bible College (formerly known as Pacific Coast Baptist College). There are no records of any diplomas issued to Mr. Edmondson. These discrepancies caused Edmondson and the board to mutually agree to his resignation as president and CEO of RadioShack.
CEO of RadioShack Corp., David Edmondson resigned Friday after admitting to lying in the contents of his resume. Claiming to have two college degrees, a theology diploma called a ThG, and four years of education, Mr. Edmondson only attended two semesters at a college known now as Heartland Baptist Bible College (formerly known as Pacific Coast Baptist College). There are no records of any diplomas issued to Mr. Edmondson. These discrepancies caused Edmondson and the board to mutually agree to his resignation as president and CEO of RadioShack. Initially, RadioShack launched an internal investigation of Mr. Edmondson's statements; however, this investigation has since been halted.
The company had recently suffered a drop of 62% of net income in its fourth-quarter, prompting restructuring plans and a closing of up to 10% of stores.
David Edmondson will receive a severance package valued at less than one million dollars in cash from RadioShack.
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Licensed archive reporting by Wikinews contributors. Text: CC BY 2.5 (https://creativecommons.org/licenses/by/2.5/). Original source date retained. 411 has not independently verified this archive report.
Read the source: Wikinews ↗Source published 22 Feb 2006, 05:30 am IST
