RadioShack's Lesson: Trust, but Verify
On top of plunging earnings, the retailer faces a credibility deficit because of a CEO's bogus credentials. Simple checks could have avoided that
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What a ride! Claiming only a bachelor's degree from an unaccredited, and little-known institution -- Pacific Coast Baptist College in San Dimas, Calif. -- David Edmondson launched a dream career, rising to the very top of corporate power and prestige. In a decade, the former Baptist preacher climbed the executive ranks of electronics retailer RadioShack (RSH) to become president and COO of the retailer. He was even elected to the board of directors at Advanced Micro Devices (AMD).
The capper came in 2005 when Edmondson, 46, was named CEO of RadioShack. Outgoing CEO Leonard Roberts boasted, "The board and I have made succession planning a priority. Well, it paid off."