Freds names Jerry Shore CEO
Fred’s Inc. announced that its board of directors promoted Jerry Shore to CEO of the company. The promotion follows the board’s receipt and acceptance of Bruce Efird’s resignation upon the expiration of his employment contract.
Prior to his promotion, Shore served as Fred’s executive vice president and chief financial officer for more than 14 years, and assumed the additional title of chief operating officer in January, Fred’s stated.
Fred’s also said it promoted Sherri Tagg, vice president and controller, to the position of chief accounting officer. The company has been working with an executive search firm to fill the vacant position of president and chief operating officer, and anticipates filling that slot very soon.
"The board's decision, effective today, to name Jerry as our new CEO was made in recognition of his accomplishments in guiding the fiscal management of the company and, more recently, his notable contributions as chief operating officer to the operational and strategic aspects of our business,” said Michael Hayes, chairman of Fred's. “In addition to these skills, 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
"Bruce will remain as an employee of the company through the term of his contract," Hayes added. "We wish him all the best in the next phase of his career."