RadioShack Chief Merchant Leaves For 'Other Interests'

RadioShack Corp.'s (RSH) chief merchandising officer, charged with helping overhaul the electronics retailer's product assortment and several other initiatives, has left the company "to pursue other interests" after less than two years on the job.

Executive Vice President and Chief Merchandising Officer Peter Whitsett's duties will be temporarily assumed by other members of senior management while the company searches for a new chief merchant, the consumer electronics retailer said in a filing with the Securities and Exchange Commission late Friday.

A company representative didn't immediately have additional comment Monday, and Whitsett couldn't be reached immediately.

Shares of RadioShack ended regular trading Friday at $16.29.

Whitsett was named to the post in November 2007 and led the merchandising, product development and allocation functions under Chief Executive Julian Day, who has been working to cut costs and find ways to stay relevant to consumers as rivals such as Best Buy Co. (BBY) and Wal-Mart Stores Inc. (WMT) take increasing space in the consumer-electronics market. Whitsett was one of five executive officers named in RadioShack's proxy filing earlier this year.

Most recently, Whitsett unveiled an agreement with AT&T (T) on Sept. 8 for the communications company to provide in-home and remote services for RadioShack customers.

Before joining RadioShack, Whitsett was the chief merchant for Sears Holding Co.'s (SHLD) Kmart retail operations.

RadioShack listed his total 2008 compensation as $1.78 million in the proxy filing.

Under the company's severance program for officers, if Whitsett's employment is terminated "for good reason" or for any reason other than death, disability or cause, he is eligible to receive his base salary for at least 18 months, and out-placement services and monthly COBRA premium payments for one year.

-By Mary Ellen Lloyd, Dow Jones Newswires, 704-948-9145; [e-mail]