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RadioShack (RSH): Named Joseph C. Magnacca as its Chief Executive Officer

RadioShack (NYSE: RSH) has named Joseph C. Magnacca as its chief executive officer, effective Feb. 11 and also he’s be named a member of RadioShack’s Board of Directors.

Mr. Magnacca currently serves as executive vice president and president of Daily Living Products and Solutions for Walgreen, overseeing the company’s marketing and merchandising operations in more than 8,000 stores. Mr. Magnacca’s previous senior management experience includes merchandising and marketing roles at two of Canada’s leading retail chains. He spent seven years as senior vice president at Shoppers Drug Mart, where he was instrumental in the company’s turnaround, and fifteen years at Loblaw, where he began his career. In 2010, Joe was named Merchant of the Year for Drugstore Retailing by Chain Drug Review magazine.

Mr. Magnacca commented:

I am delighted to join RadioShack and to be part of this team as we build upon the strengths of such a great brand. 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. 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

From SEC filing:

In connection with Mr. Magnacca’s appointment as Chief Executive Officer of the Company, the following sets forth Mr. Magnacca’s base salary, sign-on bonus, stock option and restricted stock grant information.

Base Salary $1,000,000 per year
Sign-On Bonus $1,000,000 paid within 15 days of start date
Restricted Stock 500,000
Stock Options 2,500,000