RadioShack's (NASDAQOTH: RSHCQ ) CFO is headed for the gym. Dorvin Lively, the company's CFO since August 2011, will assume the same position at Planet Fitness, effective immediately.
In addition to his financial leadership position, Lively also served as RadioShack's interim CEO from September to February. Joseph Magnacca, the company's current CEO, noted that "Dorvin has been an important partner to me personally over the past few months as I joined the team, and we appreciate the range of his services to RadioShack."
In his stead, RadioShack has enlisted Holley Etlin, managing director at AlixPartners, as its interim CFO. AlixPartners is a consulting firm that specializes in corporate turnarounds.
In a farewell statement, Lively said, "I am looking forward to the next step in my career, knowing that I leave the company in good hands as it continues on its turnaround path with a revamped management team, a new strategic vision, and strong liquidity and financial flexibility."
RadioShack's leadership transition announcement coincided with the company's Q2 earnings report. Although RadioShack managed to beat revenue estimates of $817 million by around $25 million, its negative-$0.50 EPS fell far below analysts' expectations of a $0.24 gain.