RadioShack on Thursday evening tapped Joe Magnacca, who played a key role in making Walgreens' front-end transformation pop, to be the small-box electronics retailer's chief executive. On Friday morning, RadioShack's shares jumped as Wall Street absorbed the news.
And while that hire makes perfect sense for RadioShack, where does that leave Walgreens? While merchants the likes of Magnacca don't exactly grow on trees, in classic hedgehog style the news also speaks to the depth of Walgreen's bench. The company has a lot of faith in Bryan Pugh. They hired him to be chief merchant before they bought Duane Reade and acquired a problem just about any retailer would love to have: two very talented men leading the merchandising drive.