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DEERFIELD, Ill. — Joe Magnacca has left Walgreen Co. to become chief executive officer at RadioShack Corp.
Joe Magnacca has left Walgreen Co. to become chief executive officer at RadioShack Corp.
The 50-year old executive’s decision came just a week after he was promoted to executive vice president by Walgreens. Vice president of well experience deployment Bryan Pugh has assumed Magnacca’s position on an interim basis.
"The strength of our leadership team allows us to continue moving forward with our key strategy of creating a well experience for our customers," a Walgreens spokesman says.
Analysts say Magnacca, who is RadioShack’s fourth chief executive officer in three years, is taking on a tough assignment as he tries to boost sales at the Fort Worth-based chain that is facing increased competition from the likes of Best Buy Co. and Amazon.com Inc.
Magnacca says RadioShack’s smaller store size is a plus.
"I see advantages to being a small-box retailer in the consumer electronics space today," he says, "particularly with the broad retail footprint and convenience RadioShack offers its customers."
With more than two decades in retailing, Magnacca joined Duane Reade in 2008 as senior vice president and chief merchandising officer. He was later promoted to executive vice president and then president following Duane Reade’s acquisition by Walgreens in 2010. He became Walgreens’ president of daily living products and solutions in 2011.
