NEW YORK ( TheStreet) -- RadioShack ( RSH) CEO James Gooch has stepped down, according to a statement released before market open by the struggling electronics retailer. The company's board and Gooch have agreed that Gooch will step down from his positions as CEO and director of the company, effective immediately. Investors responded positively to the news, pushing shares of the Fort Worth, Texas-based firm up 1.95% to $2.61 in premarket trading. Shares of RadioShack, which competes with Best Buy ( BBY) and Wal-Mart ( WMT), have slumped more than 73% this year. RadioShack's board is in the process of retaining an executive search firm to find a new CEO, and will consider both internal and external candidates, it said. Dorvin Lively, RadioShack's chief financial officer, will serve as interim CEO. "We thank Jim for his service to the Company and wish him well in his future endeavors," wrote Daniel Feehan, RadioShack's non-executive chairman of the board. "I would like to thank my colleagues on the Board and everyone at the Company for their strong support," added Gooch. "I wish them all great success in the future." --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: email@example.com.