RadioShack Tuesday posted a quarterly loss of $43.3 million, compared to an $8 million loss the same quarter last year. The loss, which came in the first quarter presided over by new CEO Joseph C. Magnacca.
Joseph C. Magnacca
RadioShack Corp. hired Joseph C. Magnacca as its new chief executive officer as the unprofitable electronics chain loses customers to bigger competitors.
Magnacca, 50, takes charge on Feb. 11, Fort Worth, Texas- based RadioShack said in a statement yesterday. 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.
Finding ways to boost sales without losing money will be the main challenge for Magnacca, who will be RadioShack's fourth CEO in the past three years.