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11/19/2013

Tom Plaskett, RadioShack's longest-serving director, has retired

Thomas G. Plaskett, the longest-serving director at RadioShack Corp., has retired from the board of the Fort Worth-based consumer electronics chain.

Plaskett, a former airline executive, joined the RadioShack board in 1986 and served as a member of the Audit and Compliance committee and the Corporate Governance committee. He retired on Thursday, according to an SEC filing, for personal reasons and "not due to any disagreement with the Company."

During his tenure, he oversaw RadioShack through thick and thin, from the company's heyday and renaissance under CEOs John Roach and Len Roberts to its struggles in recent years under Julian Day and Jim Gooch. He was also the board's presiding director in 2006 when it had to wrestle with revelations that CEO Dave Edmondson, who succeeded Roberts, had lied on his resume about his academic credentials. Edmondson was fired within a week of the Star-Telegram's report.

Daniel R. Feehan, the Cash America CEO who serves as RadioShack's non-executive chairman, said Plaskett "has made an enduring contribution to the legacy of this great Company, and his thoughtful input will be missed. We now have the opportunity to identify a new independent director with a fresh voice who will add additional perspectives as we continue the Company's operational turnaround."

According to the RadioShack website, the company now has eight directors, including CEO Joseph C. Magnacca.

Also in the SEC filing Monday:

The board approved a supplementary incentive comepensation plan for executives that will pay cash bonuses based on hitting EDITDA targets and gaining approval from a board committee that the company is making progress towards strategic goals.

And the company plans to change its fiscal year from a calendar year to a fiscal year that ends with the Saturday closest to Jan. 31, in line with other retail companies.

-- Steve Kaskovich

 

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