RadioShack hired Walgreen executive Joseph Magnacca to be its new CEO. Magnacca, a retail merchant, is the fourth chief executive RadioShack’s had in the past three years, reports Chris Burritt at Bloomberg. He’ll start February 11.
He faces a challenging road.
“Finding ways to boost sales without losing money will be the main challenge for Magnacca,” Burritt writes, adding that RadioShack is unprofitable.
Magnacca succeeds Dorvin Lively, who was named interim CEO after James Gooch left. Julian Day stepped down as CEO in 2011.
RadioShack has struggled over the last decade to keep up with intense competition from Best Buy and Amazon. Even discount chains like Target and Walmart are threats.
RadioShack’s big initiative last year, selling phones through Target, was a failure.
The company lost $38.2 million in the first nine months of last year by selling mobile phones through Target. Analysts project that it will lose $72.7 million overall in 2012, according to Bloomberg.
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