RadioShack CEO Quits

RadioShack's (RSH Quote) chief is leaving the company after questions emerged about the accuracy of his resume.

In a statement issued Monday by the struggling electronics retailer, David Edmondson said that he and RadioShack's board agreed it was in the company's best interest for "new leadership to step forward so that our turnaround plan has the best possible chance to succeed."

The statement made no mention of the recent resume flap. Last week Edmondson admitted padding his academic record after the college he claimed to have received two bachelor's degrees from told The Fort Worth Star-Telegram he never graduated.

RadioShack shares finished Friday down $1.67, or 8%, after the company posted a wide earnings miss and said it would close as many as 700 stores as part of its turnaround plan.