Photo:Michael K. Bloom
Fred’s announced it has promoted COO Michael K. Bloom to chief executive, effective Aug. 29.
Bloom succeeds CEO Jerry A. Shore, who became chief executive in October 2014 and intends to retire in February.
Bloom joined Fred’s as president and COO in January 2015, the same titles he formerly held at Family Dollar Stores. Prior to Family Dollar, Bloom spent more than 20 years with CVS Caremark Corporation, holding a variety of positions with increasing responsibilities in merchandising and operations and rising finally to executive VP of merchandising, marketing, advertising, and supply chain.
“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,” said Thomas H. Tashjian, chairman of the board of directors, Fred’s, which operates 651 discount stores and three specialty pharmacy-only locations in 15 states in the southeastern United States. “As our president and chief operating officer, Mike has been the architect of the transformation taking place in our front store. Our bard and the company’s entire management team are enthusiastic and confident about the capabilities and vision that Mike brings to the CEO position.”
Fred’s said that Bloom has worked closely with Shore on building a strong management team to ensure a smooth and effective transition.
In a separate announcement
, Fred’s promoted Craig Barnes, executive VP of supply chain, global and domestic logistics, to the newly created role of COO — front store.