MEMPHIS, Tenn. — Fred’s Pharmacy on Tuesday appointed Christopher W. Bodine, Peter J. Bocian and Michael K. Bloom, Fred’s Pharmacy’s CEO, to its Board of Directors, effective immediately. In connection with the announcement, Michael J. Hayes, John R. Eisenman and Jerry A. Shore will retire from the Board and not stand for reelection at the 2017 Annual Meeting of Shareholders.
According to Fred’s this announcement is part of a “robust and ongoing reconstitution process in which the Board has been actively engaged, with the assistance of Spencer Stuart, a leading executive search firm, to add world-class, highly-qualified and experienced directors to the board.”
During his 24-year tenure at CVS Caremark, Bodine helped build the company with its rapid and successful global growth, including leadership positions such as EVP and president, Health Care Services, where he was responsible for strategy, business development, trade relations, sales and account management, pharmacy merchandising, marketing, information technology and the MinuteClinic.
Bocian brings to the board extensive executive expertise in the retail and technology sectors, with a track record of creating substantial value at a number of highly recognized global companies. He has significant financial, accounting and technology expertise. Bocian has served in C-suite or executive level finance and administrative roles at NCR, Starbucks, Hewlett-Packard, JPMorgan Chase and Safeway, where he most recently served as EVP and CFO until 2015. Bocian has extensive experience with leading retail companies, including CFO positions at Safeway and Starbucks, and a 24-year career at NCR, a company with significant focus on technology and point-of-sale systems for the retail, banking, airline and hospitality industries. He helped deliver significant increases to shareholder value during his CFO tenure at NCR.
And Bloom who was appointed CEO of Fred’s Pharmacy on August 29, 2016, brings to the Board more than 30 years of experience in small-box retail pharmacy, general merchandising, marketing, supply chain and store operations. Prior to joining Fred’s, Bloom served as the President and COO of Family Dollar Stores and spent more than 20 years with CVS Caremark, holding a variety of positions with increasing responsibilities in merchandising, marketing, supply chain and store operations, and rising finally to Executive Vice President of Merchandising, Visual Merchandising, Marketing, Store Brand, Advertising and Supply Chain. Bloom has substantial acquisition and integration experience from his time at CVS Pharmacy, where he was involved in the acquisitions of Peoples Drug Stores, Revco, Eckerd Corp., Arbor Drugs and Longs.
(Drug Store News recently spoke to Mike Bloom about Fred’s growth as the company is poised to become a larger presence in the retail pharmacy world. Read that interview here.)
“We are pleased to welcome Chris, Pete and Mike to the Fred’s Pharmacy Board of Directors,” said Thomas H. Tashjian, chairman of the board. “This is an exciting time for Fred’s Pharmacy, as our highly experienced management team continues to execute on value-enhancing initiatives, including acquiring 865 Rite Aid stores, optimizing our store fleet and upgrading our technology infrastructure. Under Mike’s leadership, Fred’s has made significant progress towards the execution of our strategic vision, and we are thrilled that he can expand his role in the Company through today’s appointment. All of our new directors strengthen our Board by contributing their vast knowledge of the retail and healthcare industries, substantial leadership experience and financial expertise and strong track record of successfully integrating acquisitions. Moreover, our work is not done, as we continue to transform the Board to ensure we have the right experience and expertise to ensure the success of Fred’s Pharmacy’s exciting future.”
Tashjian continued: “I want to thank Jack, former CEO Jerry Shore, and especially former Chairman and CEO Mike Hayes, for their devoted contributions on the Fred’s Pharmacy Board. After many years of appreciated service to the Company, we wish them the best in the future.”
“I am delighted to be joining the Board, especially at such an important time for the company,” said Bloom. “Since we assembled the management team in 2015, we have been executing on a comprehensive plan to optimize performance at the Company. We are also focused on completing the transformative acquisition of 865 Rite Aid stores. We believe our leadership team’s significant transaction experience will enable a smooth integration of the Rite Aid stores. I look forward to working with my fellow Board members to continue to grow the Company and make Fred’s Pharmacy the industry leader I know it can be.”
“I am honored to join the talented individuals on the Fred’s Pharmacy Board,” said Bocian. “With its focused mission and first-class management team, I am confident Fred’s Pharmacy has a bright future. Working with my fellow Board members, I look forward to making immediate contributions.”
“I am excited about joining the Fred’s Pharmacy Board and look forward to putting my skills and experiences in the industry to work on behalf of all of the company’s investors,” said Bodine. “Pete, Mike and I will work closely with the other members of the Board to help set the Company’s strategy and advance the Company’s efforts to enhance value for Fred’s Pharmacy shareholders.”