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Musicland Names Maddon President

2 Dec, 2005 By: Holly J. Wagner

Musicland has named Michael J. Madden as president and acting CEO to replace Jack Chadsey, who is leaving to pursue other interests.

Chadsey's tenure was short, having just taken the position in October after Eric Weisman left it to launch Laser Partners, a consultancy for consumer products companies. Weisman, who had held the post since Sun Capital Partners affiliate acquired Musicland from Best Buy in June 2003, stayed on as an advisor to Musicland.

Madden's retail experience includes 20 years with American Stores Corp.; 13 years with Toys R' Us, where he served as President of US Operations from 1996 to 1999; and from 1999 to 2001, he served as president and COO of Trans World Entertainment. He operated his own consulting, sales and marketing business from 2001 until joining Musicland in July 2003 as president & COO.

"Turnaround is never easy, but we are focused on the growth of our core categories, while expanding new businesses, such as Graze," said Madden.

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