RadioShack (NASDAQOTH:RSHCQ) has named Joseph C. Magnacca as its chief executive officer, effective Feb. 11. The company also named Magnacca to a position on its board of directors.
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. He was president of the Duane Reade drugstore chain at the time of its acquisition by Walgreen in 2010.
Magnacca was quoted in the RadioShack press release as saying: "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."
According to an SEC filing, Magnacca will receive a base salary of $1 million per year along with a sign-on bonus of $1 million. He is eligible for an additional annual bonus of up to 120% of his base salary if certain performance metrics are met. He will get 500,000 shares of restricted stock and 2.5 million stock options, according to the filing.
In the same SEC filing, RadioShack said it had doubled a previously announced one-time retention bonus -- from $750,000 to $1.5 million -- payable to Dorvin Lively, the company’s executive vice president and chief financial officer, if he is still employed by the company on Oct. 1.
Former RadioShack CEO James F. Gooch stepped down in September; Lively stepped up to be interim CEO.