RadioShack Corp. hired Joseph C. Magnacca as its new chief executive officer after the unprofitable electronics chain lost customers to bigger competitors.
Magnacca, 50, takes charge on Feb. 11, Fort Worth, Texas- based RadioShack said Thursday in an e-mailed statement. He joins the retailer from Walgreen Co., where he served as executive vice president in charge of marketing and merchandising efforts for more than 8,000 stores.
Magnacca becomes RadioShack’s fourth CEO in the past three years. Profit and revenue have tumbled amid price cutting by Best Buy Co. and growing competition from Amazon.com Inc. and other online retailers.
RadioShack shares fell 2.2 percent to $3.11 at the close of trading in New York. The shares have declined for three years including a drop of 78 percent in 2012.
© Copyright 2014 Bloomberg News. All rights reserved.