Michael Bloom named CEO of Fred's Inc.
Fred's Inc., Memphis, said its CEO, Jerry Shore will retire from the company in February 2017. The board of directors named Michael Bloom CEO, effective immediately. Bloom, who joined Fred's as president and chief operating officer in January 2015, has worked closely with Shore on building a strong management team to ensure a smooth and effective transition.
"Jerry and Mike have worked side by side for nearly two years; we are fortunate to have had Jerry's successor in place for this transition, said Thomas Tashjian, chairman of the board. "With more than 30 years of experience in small-box retail, throughout merchandising, marketing, supply chain and store operations, Mike has proven himself as a strategic, innovative and effective leader.
"As our president and chief operating officer, Mike has been the architect of the transformation taking place in our front store," he added. "Our board and the company's entire management team are enthusiastic and confident about the capabilities and vision that Mike brings to the CEO position."
Bloom said he is "honored and humbled" by the new opportunity.
"I am confident that the strategies we are laying out and the investments we are making will further evolve this unique business model — as a regional provider of healthcare services and value merchandise in the markets that we serve — and will position us to realize long-term sustainable growth."
Shore said he is grateful for the time he has spent at Fred's.
"Now, knowing that the leadership of Fred's passes to the capable hands of Mike Bloom, I look forward to spending more time with my family and enjoying the many other interests that never seemed to fit into my hectic schedule," he said.
Fred's Inc. and its subsidiaries operate 651 discount general merchandise stores and three specialty pharmacy-only locations in 15 states in the southeastern United States. Included in the store count are 18 franchised locations and 372 full-service pharmacy departments located within Fred's stores, the company said, including four franchised locations.