Chief Executive Officer Joe Magnacca will get a $500,000 payment, while other executives will receive $187,500 to $275,000, the company, based in Fort Worth, Texas, said Wednesday. Magnacca also will be eligible for a bonus of as much as $600,000 next year if he meets performance targets.
The decision was made “after giving due consideration of the skills and talent deemed critical to the company’s business turnaround efforts currently under way, the difficult business environment and the competition for skilled, talented employees,” the company said. To receive the bonuses, the executives must stay at the company through March 1, 2015.
The announcement comes a day after RadioShack posted its eighth straight quarterly loss and a 20 percent decline in revenue. The planned store closings will shrink the chain by almost one-fifth, leaving about 4,000 U.S. locations.
MORE HBJ HEADLINES
Volkswagen Golf gets great mpg, even in the left lane Google expanding fiber service to 4 Southeastern metro areas 1:27 p.m. Fishermen fear monopoly by Pacific Seafood Group Unemployment rates fall in 42 US states amid broad hiring 1:27 p.m. Safety board: Systemic flaws in gas pipelines oversight 1:25 p.m. A US green-energy blueprint, meant to help Liberia, fails 1:31 p.m.
Our new comment system is not supported in IE 7. Please upgrade your browser here.