David J. Edmondson resigned as the chief executive of Radio Shack yesterday, only days after he told investors that he intended to stay on despite the revelation that he had lied to the company about his education by claiming two college degrees when he had none.

That's the headline in today's story in the New York Times about the issue.
http://www.nytimes.com/2006/02/21/business/21radio.html

The company's web site is at http://www.radioshackcorporation.com/

There are stories about Edmondson and Radio Shack all over the business press this morning.  Two good ones are

Radio Shack CEO resigns in Forbes
http://www.forbes.com/technology/feeds/afx/2006/02/20/afx2539792.html

Radio Shack CEO quits in resume hullabaloo in the Chicago Tribune
http://www.chicagotribune.com/technology/chi-0602210223feb21,1,2586683.story?coll=chi-technology-hed

Here's a quick recap. 

Last week Mr. Edmondson admitted that he did not have the educational credentials he claimed on his resume. He joined Radio Shack in 1994 and claimed the following: "B.S., Pacific Coast Baptist College, San Dimas, CA, Theology-Psychology, 1980."

When the Fort Worth Star-Telegram broke the story that he hadn't graduated, Edmondson admitted lying, but not all at once. First he said, "It is my belief that I received a Th.G. diploma, not a B.S. degree as I asserted."

Later he admitted that he didn't have either degree, but he didn't say that.  Instead he said that he, "couldn't document" the degrees.

The board said they would stand by him. I mean, what the heck, a man can make a mistake on his resume, right.  And after James Frey we all know that truth doesn’t really matter all that much.

Edmondson wasn't hired for his educational qualification anyway.  He was there to get results by leading a great turnaround.  Alas, that wasn't going so well, either.

This genius's turnaround plan involved closing a bunch of stores and bringing in a management consultant to find ways to cut overhead.  It wasn't working. 

Friday, when Edmondson apologized for the embarrassment he caused the company by lying about his credentials, he also told analysts that fourth quarter results were down 62 percent.

So now our boy has resigned.  Why?  Radio Shack's executive chairman, Leonard Roberts said, "When our company's credibility becomes based on a single individual, it is time for a change." He never mentioned losing credibility by missing the movements in the technology markets, running shoddy stores or having a turnaround plan that was very little plan and no turnaround at all.

Just in case you're wondering, Edmondson leaves with a million dollar severance package. He gets that for not doing his job and after lying about his credentials. What do the folks on Radio Shack's board tell investors about all this?  What do they tell their kids?