RadioShack Corp.'s embattled president and chief executive, David Edmondson, resigned Monday following questions about his resume's accuracy.
The Fort Worth, Texas, electronics retailer said its board had accepted his resignation and had promoted Claire Babrowski, who most recently served as executive vice president and chief operating officer, to acting CEO.
The company said last week that it would hire outside lawyers to investigate errors in Edmondson's resume, including claims that he earned two college degrees for which the school he attended has no records. That investigation won't continue since Edmondson quit, the company said.
Edmondson, 46, said he took responsibility for errors in the resume.
On Monday, Edmondson issued a brief statement but did not discuss his resume.
"For the last 11 years, it has been my privilege to be associated with RadioShack," he said. "At this time the board and I have agreed that it is in the best interest of the company for new leadership to step forward so that our turnaround plan has the best possible chance to succeed, as I know it will."
RadioShack said Friday its fourth-quarter earnings fell 62 percent and disclosed plans to close 400 to 700 stores and two distribution centers as part of a campaign to fix its financial performance. Its shares tumbled 8 percent, after sinking at midday to a three-year low of $19.08.
"This situation is especially painful, because Dave is a talented and dedicated individual who has made many contributions to the company," said executive chairman Leonard Roberts, citing Edmondson's push to incorporate wireless products into RadioShack's retail mix.
Edmondson had claimed that he received degrees in theology and psychology from Pacific Coast Baptist College in California, which moved in 1998 to Oklahoma and renamed itself Heartland Baptist Bible College.
The school's registrar told the Fort Worth Star-Telegram that records showed Edmondson completed two semesters and the school never offered degrees in psychology.
Edmondson joined RadioShack in 1994 and has been CEO since May.