Just days after Walgreens announced that it had promoted Joseph Magnacca to executive vp from senior vp, RadioShack Corp. announced that it has appointed the executive company CEO. The retailer also named Magnacca a member of its board of directors.
In his Walgreens promotion, Magnacca retained his title of president/daily living products and solutions, the drug chain stated.
Magnacca supervised Walgreens merchandising and inventory strategy, private brands, insights and analytics, as well as the New York-based Duane Reade drugstore chain. Walgreens acquired Duane Reade in 2010, it noted. Magnacca joined Duane Reade in 2008 as senior vp and chief merchandising officer. The retailer later promoted Magnacca to executive vp. Walgreens named him Duane Reade president after its acquisition of the chain. He was named Walgreens daily living products and solutions president in 2011.
“Joe is a leader with significant experience in transforming iconic brand names into strong operating businesses,” said Daniel 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.”
Magnacca declared, “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.”