Madison Reed has raised $32.1 million since launching 15 months ago.
Joseph Magnacca was an executive vice president for Walgreen.
RadioShack Corp. has appointed Joseph C. Magnacca as CEO, RadioShack announced Thursday. The hire came one week after Walgreen Co. had promoted Magnacca from senior vice president to executive vice president, according to the drugstore retail chain. The appointment ends RadioShack’s hunt for a leader following the September departure of its last CEO, Jim Gooch.
The consumer electronics seller also made Magnacca a member of its board of directors, it says. His CEO job begins today.
On Feb. 1, Walgreen announced Magnacca’s promotion. At that time, he also kept his position as president of daily living products and solutions, a job he had held since 2011, the company says. Walgreen says Bryan Pugh, vice president in charge of providing a “well experience” for customers, will take over daily living and merchandising operations, reporting to Mark Wagner, president of operations and community management.
“We wish Joe the best in his new role, which reflects the depth and talent in our organization,” says a spokesman for Walgreen. “The strength of our leadership team allows us to continue moving forward with our key strategy of creating a well experience for our customers.”
RadioShack did not immediately respond to a request for comment.
From 2008 until 2010, when Walgreen acquired competing drugstore chain Duane Reade, Magnacca worked at Duane Reade as chief merchandising officer, senior vice president then executive president, Walgreen says. From 2001 to 2008, he worked at Canadian pharmacy Shoppers Drug Mart, eventually reaching executive vice president status, according to his LinkedIn profile. Before that, he spent 17 years with Canadian grocery, drug and general merchandise chain Loblaw Companies Ltd, according to LinkedIn.
“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,” Magnacca says. “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.”
RadioShack is No. 275 in the Internet Retailer Top 500 Guide and Walgreen is No. 33.