Fred’s adds two to its board of directors

MEMPHIS, Tenn. — Fred’s Pharmacy on Monday appointed Steven B. Rossi, CEO of Digital First Media, and Timothy A. Barton, former CEO of Freightquote.com, which he founded in 1998, to its board of directors, effective immediately.

The announcement follows the recent additions of Linda Longo-Kazanova, Christopher W. Bodine, Peter J. Bocian and Michael K. Bloom, CEO to the Fred’s Pharmacy board. As a result of these announcements, following the conclusion of the 2017 Annual Meeting of Shareholders, the newly reconstituted board will be comprised of nine directors, eight of whom are independent and all of whom have track records of delivering shareholder value.

“We are excited to welcome Steve and Tim to the Fred’s Pharmacy board of directors,” said Thomas H. Tashjian, chairman of the board. “They add strong business, financial and operational expertise, and their perspectives will be instrumental as we continue the transformation of Fred’s Pharmacy. This includes moving expeditiously to complete the transaction with Walgreens and Rite Aid, pending approval by the Federal Trade Commission, which would make Fred’s Pharmacy the third largest drugstore chain in the nation. We look forward to continuing to work constructively with Alden and all of our shareholders as we focus on executing our strategic plan and delivering value for all Fred’s Pharmacy stakeholders.”

“I am thrilled to work with Steve, Tim, Alden and the entire Fred’s Pharmacy board to capture the numerous value-creating opportunities that lie ahead for the company,” added Bloom. “I am confident we have the right team in place to advance our new healthcare-focused strategy and drive returns for our shareholders while delivering on our mission to improve the lives of our patients and customers.”