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Can a public company express no concern for evidence that its chief executive has falsified his educational background? For two days, RadioShack concluded that it could, but that changed last night.

It was then that the company issued statements by David Edmondson, the chief executive, admitting that "I clearly misstated my academic record, and the responsibility for these misstatements is mine alone."

The company's board, which had earlier expressed support for Edmondson, said it would retain independent legal counsel to investigate the situation.

The reversal came after two days of reporting by the company's hometown newspaper, the Fort Worth Star-Telegram, that he had claimed two bachelor's degrees from a small Baptist college; the college said he had not graduated at all.

RadioShack's depressed shares suffered little damage during the period Edmondson insisted he had not misrepresented his past. They rose 8 cents on Tuesday and traded higher for much of yesterday, before slipping in the final hour to close down 33 cents at $21.27. The statements came after the New York Stock Exchange trading had ended for the day.
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Read More / Source: News.com