RadioShack Has a New Interim Chief Financial Officer

RadioShack has a new interim chief financial officer, again.

The struggling Fort Worth, Texas-based consumer-electronics chain said last week that it planned to slash operating costs by $400 million, including moves that will save $41 million on professional fees.

RadioShack said Tuesday that it has entered into an agreement for advisory and interim management services with FTI Consulting.

As part of that agreement, Carlin Adrianopoli becomes interim CFO, succeeding Holly Etlin, who has been interim CFO since September. Etlin is a managing director of AlixPartners and a longtime RadioShack adviser. She was interim CFO from July 2013 until John Feray was appointed to the job in February and left in September.

Adrianopoli, 39, joined FTI in 2002 and has been a senior management director in FTI’s corporate financing and restructuring practice since 2010.

His experience includes working with various creditor classes, equity owners and directors of underperforming companies. RadioShack first warned in September that it may need to reorganize under the protection of bankruptcy court.

Similar to the arrangement RadioShack had with AlixPartners,

Adrianopoli’s services to RadioShack are billed by FTI Consulting. He is not separately compensated by RadioShack for his services as interim CFO.

The hiring of FTI is likely part of RadioShack’s plan to cut spending on outside professional services. In late October, RadioShack hired a former U.S. Treasury senior adviser to help it fix its business.

The Maeva Group was hired to provide advisory services to RadioShack’s board and management. Harry J. Wilson, founder and CEO of Maeva, was named chief revitalization officer. He was a senior advisor at Treasury when the government restructured General Motors and Chrysler.

This article appeared in print in the December 17th, 2014 edition of Hamodia.