RadioShack taps Walgreen chief as new CEO

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FORT WORTH, Tex. RadioShack Corp. (RSH) has chosen Walgreen Co. executive Joseph Magnacca to become CEO of the electronics retailer.

Fort Worth-based RadioShack made the announcement Thursday. Magnacca begins his new job on Monday when he'll also join the RadioShack board of directors.

Magnacca was in charge of daily living products and solutions for Walgreen and is the former president of the New York-based Duane Reade chain. Walgreen bought Duane Reade in 2010.

"Joe is a leader with significant experience in transforming iconic brand names into strong operating businesses," said Daniel Feehan, non-executive chairman of RadioShack, in a statement. "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."

James Gooch stepped down as RadioShack's CEO in September after only a year and a half on the job. The company's profits have fallen over the past two years as brick-and-mortar consumer electronics stores struggle against fierce online competition.