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MEMPHIS — Fred’s Inc. has selected Jerry Shore as the discount retailer’s next chief executive officer.
Fred’s Inc. has selected Jerry Shore as the discount retailer’s next chief executive officer.
Shore succeeds Bruce Efird, who recently announced he would be leaving the company when his contract expires.
Shore has served Fred’s as an executive vice president and chief financial officer for the past 14 years. In January, he took on the added role chief operating officer.
Fred’s board announced the promotion on October 31.
"Jerry has an intimate knowledge of the company’s business and personnel, and he possesses the vision and strategy needed to transition Fred’s to the convenience/pharmacy-centric model," remarked Michael Hayes, Fred’s chairman. "[Efird] will remain as an employee of the company through the term of his contract. We wish him all the best in the next phase of his career."
Fred’s said in August that it is accelerating its pharmacy acquisitions as it shifts to a convenience/pharmacy-centric model. The company said it will close 60 of its stores without pharmacies by the end of the year to help pay for the transition.
The closures were announced as Fred’s reported a second quarter net loss of more than $16 million.
"I am honored and excited by this appointment," Shore said. "For the past 10 months I have been able to spend more time focusing broadly on company operations, and I am confident of building a strong team that will drive deeper penetration of pharmacies in our stores and the relay of existing stores with the convenient, ‘need it now’ format. This combination, along with a stronger marketing program, will be the cornerstone of our growth and profitability going forward."
Fred’s said that management will elaborate on the company’s “strategic alternatives program” when third quarter financial results are released November 25.
Fred’s operates 701 stores, most of which are in small and midsize communities in the Southeast.
In another personnel move, Fred’s promoted vice president and controller Sherri Tagg to be the company’s next chief accounting officer. Tagg is working with an executive search firm to fill the COO seat that was vacated by Shore, the company said.
