RadioShack to Probe CEO’s Record
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The board of RadioShack Corp. said it had hired a lawyer to investigate admissions by Chief Executive David Edmondson that he had lied about his academic record.
The company’s statement, released late Wednesday -- along with newspaper reports that Edmondson had been involved in several alcohol-related driving incidents -- left analysts and legal experts wondering whether he could survive in his position.
“Although these things are never for sure, I think the most likely outcome here is the board will ask for his resignation,” said Stephen Fink, a partner at law firm Thompson & Knight in Dallas.
Edmondson’s disclosure comes as RadioShack starts a two-day meeting with investors to detail plans to get the company back on track. Last month the retailer said it would miss 2005 earnings targets.
Shares of RadioShack fell 52 cents Thursday to $20.75.
Edmondson issued a statement Wednesday admitting that he erroneously said he had earned a bachelor of science degree. Errors in Edmondson’s resume were first reported by the Fort Worth Star-Telegram.
A spokeswoman for Fort Worth-based RadioShack declined to comment on the DWI charges.
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