By MARIA ARMENTALAug. 29, 2016 6:59 p.m. ET
Fred’s Inc. on Monday promoted Chief Operating Officer Michael K. Bloom to chief executive, the latest executive appointment in the company’s transition plan.
Mr. Bloom succeeds CEO Jerry A. Shore, who became chief executive in October 2014 and intends to retire in February, although he will remain on the company’s board.
In April, Fred’s appointed Walgreens Boots Alliance Inc. veteran Rick Hans to the post of executive vice president and chief financial officer that had been vacant since Mr. Shore was promoted to chief executive.
Mr. Bloom, who had more than 30 years of experience working retail and drug stores, joined Fred’s last year as COO and president, the same titles he held at Family Dollar Stores. At the time, Mr. Bloom’s base pay was set at $500,000 and increased to $550,000 this business year. Mr. Shore’s base pay last year was $575,000 with total compensation valued at $1.3 million.
Memphis-based Fred’s—a combination pharmacy, dollar store and mass merchant—has more than $2 billion in annual sales but ended the two most recent years at a loss.
Shares closed Monday at $12.56, down 23% this year.
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