Fred's Super Dollar promotes Jerry Shore to CEO
MEMPHIS, Tenn. — The board of directors of Fred's Super Dollar on Thursday named Jerry Shore CEO of the company. Shore's promotion follows the board's receipt and acceptance of notification by Bruce Efird of his intention to leave the company upon the expiration of his employment contract.
Shore has served as the company's EVP and CFO for more than 14 years and assumed the additional title of COO in January of this year. In connection with the change in Fred's leadership, the company also has promoted VP and controller Sherri Tagg to the position of chief accounting officer.
Fred's has been working with an executive search firm to fill the vacant position of president and COO and anticipates filling that slot very soon.
"The board's decision ... 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 COO to the operational and strategic aspects of our business," stated Michael Hayes, Fred's chairman. "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," he said.
"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."
"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," Shore said. "This combination, along with a stronger marketing program, will be the cornerstone of our growth and profitability going forward."
Hayes noted that during the company's upcoming third quarter conference call on Nov. 25, management will discuss the company's strategic alternatives program.