Andy Moser, the co-founder and chief executive officer of Salus Capital, has left the firm following losses from its $250 million loan to RadioShack Corp., according to four people familiar with the situation.
The departure comes as owner HRG Group, formerly known as Harbinger Group Inc., reviews options for Salus, including a sale of the firm, according to one of the people. The 2013 loan to RadioShack was by far the largest by the Needham Heights, Massachusetts-based lender, which caters to distressed companies.
Executive Vice President Marc Price has also departed, said three of the people.
The relationship between Salus and RadioShack, which needed the loan to fortify its dissipating cash reserves, was strained. It came to a head in 2014 when Salus blocked RadioShack’s efforts to close as many as 1,100 underperforming stores.