RadioShack CEO resigns

February 22, 2006 CEO of RadioShack Corp., David Edmondson resigned Friday after admitting to lying in the contents of his resume. Claiming to have two college degrees, a theology diploma called a ThG, and four years of education, Mr. Edmondson only attended two semesters at a college known now as Heartland Baptist Bible College (formerly known as Pacific Coast Baptist College). There are no records of any diplomas issued to Mr. Edmondson. These discrepancies caused Edmondson and the board to mutually agree to his resignation as president and CEO of RadioShack. Initially, RadioShack launched an internal investigation of Mr. Edmondson's statements; however, this investigation has since been halted.

The company had recently suffered a drop of 62% of net income in its fourth-quarter, prompting restructuring plans and a closing of up to 10% of stores.

David Edmondson will receive a severance package valued at less than one million dollars in cash from RadioShack.