UPDATE 1-RadioShack names Walgreen executive as CEO

Thu Feb 7, 2013 6:23pm EST
 
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By Dhanya Skariachan

NEW YORK Feb 7 (Reuters) - U.S. electronics chain RadioShack Corp named Walgreen executive Joseph Magnacca as its new chief executive, effective Feb.11, hoping to tap his merchandising and marketing experience to boost sales at the struggling chain.

The news came months after the retailer lost key executives including its merchandising chief and chief executive, and days before it was due to report results for the quarter covering the holiday season.

Magnacca, 50, has also been named to RadioShack's board, the company said in a statement on Thursday.

He is currently executive vice president and president of Daily Living Products and Solutions for Walgreen Co, where he oversees the drugstore chain's marketing and merchandising operations.

He was president of Duane Reade at the time of its acquisition by Walgreen in 2010, and has been in charge of integrating the smaller chain into the largest U.S. drugstore chain.

Magnacca, who has also served the role of chief merchandising officer at Duane Reade, has been credited with boosting the customer experience at the chain. He has also served in merchandising and marketing roles at Canadian chains Shoppers Drug Mart and Loblaw.