Fort Worth-based faltering electronics retailer RadioShack said Thursday that longtime drugstore executive Joseph Magnacca has been appointed CEO and a member of the company’s board. Magnacca, 50, will join RadioShack on Monday from Walgreen, where he had recently been promoted to executive vice president and president of the drugstore chain’s daily living products and solutions business.
At Walgreen, Magnacca led the largest chain’s marketing and merchandising operations across more than 8,000 stores. He was also responsible for the integration of the Duane Reade drugstore chain acquired by Walgreen in 2010.
At the time of the Duane Reade acquisition, Magnacca was president of Duane Reade, and before that he was chief merchandising officer. During Magnacca’s tenure he converted the dark, dirty Duane Reade stores into a modern retail Brand that embraced its NYC soul. The repositioning of Duane Reade included the optimization and reinvention of the Private Brand Portfolio, and the creation of a much-lauded urban store format
“I am delighted to join RadioShack and to be part of this team as we build upon the strengths of such a great brand,” Magnacca noted. “I see advantages in being a small-box retailer in the consumer electronics space today, particularly with the broad retail footprint and convenience that 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.”
Magnacca previously held executive positions at two of Canada’s leading retail chains, Shoppers Drug Mart and Loblaw Cos.
RadioShack board chairman Daniel Feehan said Magnacca was hired to be “a catalyst for change at RadioShack.” Magnacca’s hiring was announced after the market closed.
It should be exciting to see the changes that Magnacca will bring to Radio Shack – I would love to see them embrace their rich Private Brand past. I hope he can revive the historic brand and return them to relevance – when the TRS-80 was not simply a private label computer but a must have computer.
No matter what happens the two most difficult jobs in retail are now in Texas – perhaps Mr Magnacca and Mr Johnson (JC Penney) should have drinks.