RadioShack names Walgreen's exec as new CEO
After a few months of searching, RadioShack has found itself a new chief executive officer.
The tech retail chain has named Joseph C. Magnacca as CEO, effective February 11.
Magnacca already has some experience with RadioShack being that he is a member of the company's Board of Directors.
But RadioShack was quick to highlight that Magnacca is an "experienced retail executive and merchant."
Magnacca is currently president of the Daily Living Products and Solutions unit at Walgreen Co., where he oversees all of Walgreen's marketing and merchandising operations for more than 8,000 stores.
One of the more notable moments of his tenure at Walgreen's was overseeing the 2010 acquisition of another major convenience retail chain, Duane Reade.
To recall, former CEO Jim Gooch has stepped down from his post, effective immediately, in September. He became CEO in May 2011.
Although a reason was not specified, that announcement stressed that both RadioShack's board of directors and Gooch agreed that he would step down as CEO and director.
At the time of the announcement, Gooch's profile had been immediately removed from RadioShack's executive management list.
RadioShack's chief financial officer Dorvin Lively stepped up as interim CEO, working under the Board's oversight during the search for Gooch's successor.
With his extensive retail resume that RadioShack is counting on, the objective for Magnacca now will be to strike a balance between offering the convenience of a brick-and-mortar technology store and the sheer cost savings found with online retailers.
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