Fort Worth, Texas

Editor in chief of Dealerscope

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.

Former Ace Hardware CFO Dorvin Lively was elevated to the position of interim CEO of RadioShack, after the Fort Worth, Texas-based electronics retailer's CEO James Gooch stepped down.

A little more than a year ago, Dorvin Lively left Ace and joined RadioShack as CFO. He joined Ace as senior VP and CFO in 2008 and was promoted to executive VP in December 2010. 

Lively was a professional accounting fellow at the Financial Accounting Standards Board in the early 1990s. He later became a senior VP and corporate controller at Toys "R" Us

RadioShack, which discounted the iPhone 4 last week, is reportedly slashing prices further to $170, in the latest sign retailers are clearing inventory to prepare for the iPhone 5 in the coming months.The Fort Worth, Texas-based retailer will cut  $30 off all versions of the iPhone 4, ranging from $170 for the 16-gigabyte model to $200 for the top-end 32-gigabyte device.

In addition, customers who trade-in an existing iPhone 3G or 3GS can get as much as $150 towards a new iPhone 4 purchase, bringing down the price of a new iPhone 4 to as low as $20.

 

Jon Myer knew that drastic times call for drastic measures. What he didn't know was just how drastic those measures should be.

Home Entertainment Source (HES) has announced the addition of two new audio partners to its Expert Warehouse distribution center and the rollout of its long awaited transactional Web site for dealers.

More Blogs