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Fred’s Inc. CEO Michael Bloom resigns

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CFO Joseph Anto will take over on an interim basis

MEMPHIS, Tenn. — Fred’s Inc. announced on Friday that chief executive officer Michael Bloom resigned from his post, effective on April 24. He also resigned from his seat on the company’s board.

Joseph Anto, the company’s executive vice president, chief financial officer and secretary, will serve as interim chief executive officer.

Michael Bloom

Michael Bloom

“The Board is appreciative for Mike’s contributions, dedication and service,” Heath Freeman, company chairman, said in a statement. “Mike joined Fred’s with significant experience with retail drugstores.  After the Company was not able to purchase certain assets from the Rite Aid Corp. and following the end of the 2017 fiscal year, the timing was right, both for Mike and the company, for him to step down.  We wish him the very best.  The Fred’s board is confident that Mr. Anto will serve the company well as interim CEO.”

The company statement indicated that Bloom stepped down to pursue other opportunities, and said his resignation was not the result of any disagreement with the company or its operations.

Bloom, a former executive at CVS Caremark Corp. and Family Dollar Stores Inc., joined Fred’s as president and chief operating officer in January 2015. Bloom was named chief executive officer of Fred’s in August 2016. He succeeded Jerry Shore, who retired.

Anto has served as executive vice president, chief financial officer and secretary at Fred’s since February.  Before that he served as a consultant to the retailer, beginning in July. Anto previously spent a number of years with MediaNews Group Inc., a leading newspaper company, where he most recently served as senior vice president of strategy and M&A.

 


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