Fred’s names Alden president to board

MEMPHIS, Tenn. — Fred’s has a new addition to its board of directors. The company on Monday announced the appointment of Alden Global Capital founding member and president Heath Freeman to the board, effective at its next meeting, which will be held on or before Aug. 29. 

 

Freeman joins the board as part of Fred’s and Alden’s extension of their cooperation agreement into 2019 that includes updated terms about their collaborative efforts to drive shareholder value. 

 

“The Fred’s Board is pleased to welcome Heath to the Board of Directors,” chairman Thomas Tashjian said. “We look forward to leveraging Heath’s deep retail, turnaround and financial expertise. We believe that adding a shareholder perspective to the Board as we continue to execute our healthcare transformation will accelerate value creation for all Fred’s shareholders.”

Freeman

 

Freeman said, “I am eager to join the Fred’s board of directors, and look forward to continuing the work we have been doing to support the management team. I am encouraged by the progress that we have made, and continue to have confidence in the leadership team and future growth of the business. I look forward to working with the rest of the board to position Fred’s for long-term success.”

 

Freeman’s appointment was announced alongside the resignation of Christopher Bodine from the board. Bodine joined the board with acquisition- and integration-related expertise, and has stepped down following the termination of the company’s agreement to purchase certain Rite Aid assets. The board currently is looking for pharmacy and healthcare industry veteran to join its ranks, the company said. 

 

“On behalf of the Board, I want to thank Chris Bodine for his contribution to the company,” Tashjian said. “We wish him much future success and happiness.”

 

Fred’s said that under the agreement with Alden, Alden is subject to certain customary standstill and other provisions.