RadioShack said Monday morning that John Feray, its chief financial officer, resigned on Friday, citing personal reasons.
Feray was one of five top executives awarded retention bonuses ranging from $187,500 to $500,000 in March, shortly after the company announced that it was considering closing as many as 1,100 stores. Feray received a $275,000 payout. Troy R. Hirsch, who was executive vice president of store operations, forfeited his $275,000 bonus when he resigned on April 22, about seven weeks after the bonuses were awarded.
The Fort Worth, Texas-based consumer-electronics chain is in the midst of negotiations to raise more cash while it considers a reorganization in bankruptcy. The company can’t stop its steep sales declines and last week reported losses that were more than doubled from a year ago.
The board appointed Holly F. Etlin as interim chief financial officer. Etlin is a managing director of AlixPartners and longtime RadioShack advisor.
She was RadioShack’s interim CFO from July 2013 to February 2014. Etlin has worked in consulting for more than 30 years. RadioShack said she will not be separately compensated by RadioShack while in the interim CFO job.