Fred's Michael Hayes to step down as chairman

Memphis, Tenn.-based Fred's Inc. said that Michael Hayes will step down as chairman of the board of directors on April 15. Fred's board appointed Thomas Tashjian, a director of the company since 2001, as the new chairman of the board. With this succession, Hayes becomes chairman emeritus and will remain on the board of directors.

"The past 18 to 24 months have been the most challenging of my career," Hayes said. "Because of the tireless work of Jerry Shore and the board of directors, we now have in place a successful, experienced and energetic management team focused on driving deeper into healthcare and also stronger general merchandising departments.

"What is now needed is an energetic chairman that has both the vision and skill set to keep this momentum going," he added, "and I believe Tom Tashjian is the right person to do this, and now is the right time. I want to thank Fred's employees, the board of directors and our shareholders for allowing me to serve them for the past 24 years."