RadioShack hires Walgreen executive as new CEO
RadioShack has hired an executive from Walgreen Co. to be its next chief executive.
The struggling Fort Worth-based electronics retailer said Joseph C. Magnacca, 50, will take over as CEO on Feb. 11. He succeeds Jim Gooch, who was fired in September after only 16 months in the top job.
At Walgreen, Magnacca served as executive vice president in charge of marketing and merchandising efforts for more than 8,000 stores. At RadioShack, he faces the challenge of reversing declining sales and coming up with a fresh merchandising plan.
From the press release:
"Joe is a leader with significant experience in transforming iconic brand names into strong operating businesses," said Daniel R. Feehan, non-executive chairman of RadioShack. "We believe he will be a catalyst for change at RadioShack in refining our merchandising strategies, reinvigorating the shopping experience for our customers and building sustainable value for our shareholders."
"I am delighted to join RadioShack and to be part of this team as we build upon the strengths of such a great brand. I see advantages in being a small box retailer in the consumer electronics space today, particularly with the broad retail footprint and convenience RadioShack offers its customers. I believe my experiences will help the team identify and execute on new opportunities that can return this great company to a position of prominence in the lexicon of American retailers," said Mr. Magnacca.
-- Steve Kaskovich