by Christopher Freeburn | February 8, 2013 11:18 am
Shares of Radioshack (NYSE:RSH) surged more than 6% in Friday morning trading after the struggling electronics retailer announced that Joseph C. Magnacca will become its newest CEO on February 11.
Magnacca was most recently the vice president for marketing and merchandising at Walgreen (NYSE:WAG). He will be Radioshack’s fourth CEO in three years, Bloomberg noted.
Former Radioshack CEO James Gooch stepped down in September, leaving Dorvin Lively as the company’s interim head during its search for a new chief executive.
Radioshack has seen its sales squeezed by competition from big box retailers like Best Buy (NYSE:BBY) and Wal-Mart (NYSE:WMT), as well as online sellers, including Amazon (NASDAQ:AMZN).
It recently announced that it will terminate its smartphone-retailing partnership with discount retailer Target (NYSE:TGT) in April. That venture resulted in loses of $38.2 million during the first none months of last year.
Analysts noted that any plan to restore Radioshack’s fortunes will likely entail closing some of its 4,600 retail outlets in the U.S. and Mexico.
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