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RadioShack picks Walgreen's Magnacca as CEO

FORT WORTH, Texas (AP) -- Electronics retailer RadioShack Corp. said Thursday that Walgreen Co. executive Joseph Magnacca will become its CEO on Monday.

Magnacca, 50, will also join the board of directors. He was in charge of daily living products and solutions for Walgreen and is the former president of the New York-based Duane Reade chain. Walgreen bought Duane Reade in 2010.

James Gooch stepped down as RadioShack's CEO in September after only a year and a half on the job. The company's profits have fallen over the past two years as brick-and-mortar consumer electronics stores struggle against fierce online competition.

RadioShack shares rose 9 cents, or 2.9 percent, to $3.20 in after-hours trading.