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Saturday, January 16, 2021

RadioShack announces retention bonus plan

RadioShack, which announced plans on Tuesday to close 1,100 stores, has agreed to pay top executives retention bonuses if they meet performance targets.

In a filing with the Securities and Exchange Commission, RadioShack reported that 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,”

CEO Joe Magnacca will get a $500,000 payment, while other executives will receive $187,500 to $275,000, the company said in the filing.Commission, RadioShack reported that 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,” To receive the bonuses, executives must stay at RadioShack thourgh March 1, 2015.   

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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