RadioShack plunging on chairman’s retirement

RadioShack Corp. (RSH) stock is plunging on news that its chairman and chief executive officer, Julian Day, will retire in May. The company also posted preliminary fourth-quarter earnings that fell below analyst’s expectations.

RSH shares are down 11.24 percent as of 10:06 a.m.

Jim Gooch, chief financial officer, will succeed Day.

The management changes comes at a “perilous and difficult time,” wrote David Strasser, an analyst for Janney Montgomery Scott in New York, in a note to clients.

The new measure will “plague the stock, as the burden of proof is definitely on Jim Gooch and current management to lay out and execute a credible plan.”