RadioShack hires advisory firm, names new interim CFO
RadioShack has tapped an advisory firm and named a new interim chief financial officer, moves that come less than a week after the struggling electronics retailer unveiled a cost-cutting plan in the wake of another poor quarter of sales.
RadioShack (RSH) said it has retained FTI Consulting for advisory and interim management services and in connection with that agreement, has appointed Carlin Adrianopoli as interim CFO. He succeeds interim CFO Holly Etlin, who was only appointed to that role in September after the prior financial chief resigned with less than a year on the job.
The new CFO and advisory firm are on board to help RadioShack navigate a difficult turnaround. RadioShack, which is in the midst of a high-profile tussle with loan providers, has reported slumping sales and is on track to report a third consecutive annual loss as it struggles to compete with larger rivals like Best Buy (BBY). Shares are worth less than 50 cents today, signaling many investors haven’t bought into the company’s promises to cut costs by over $400 million annually to help bolster the bottom line performance.
Adrianopoli has been a senior managing director in FTI’s corporate finance/restructuring practice since 2010 and first joined FTI in 2002. His services are billed by FTI Consulting, and he will not be compensated separately by RadioShack, the company said in a securities filing.