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Magnacca leaves Walgreens to take reins at Radio Shack
February 8th, 2013
FORT WORTH, Texas – Joe Magnacca, who earlier this month was promoted to executive vice president at Walgreen Co., has left the company to join RadioShack Corp. as chief executive officer.
RadioShack said late Thursday that Magnacca is slated to take the CEO reins on Feb. 11. He also has been named a board member at the consumer electronics and mobile technology retailer.
Walgreens named the 50-year-old Magnacca executive vice president on Feb. 1, and he retained his title as president of daily living products and solutions. He previously was senior vice president at the drug chain.
"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 said in a statement. "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."
Magnacca was appointed Walgreens' president of daily living products and solutions in 2011. He joined the company in 2010 when it acquired the New York City drug chain Duane Reade, where he was president. He joined Duane Reade in 2008 as senior vice president and chief merchandising officer and was later promoted to executive vice president before becoming president.
Earlier in his career, Magnacca served as vice president of marketing and merchandising at Loblaw Cos., Canada's largest supermarket operator, and as executive vice president of merchandising and category management at Shoppers Drug Mart Corp., Canada's largest drug chain.
"Joe is a leader with significant experience in transforming iconic brand names into strong operating businesses," stated Daniel Feehan, nonexecutive 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."