Fred’s names Anto CFO

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Fred’s names Anto CFO

By David Salazar - 02/02/2018
Fred’s has a new executive overseeing its finances. The Memphis, Tenn.-based company has named Joseph Anto its executive vice president and CFO, effectively immediately. He succeeds Jason Jenne, who will remain in an advisory capacity until Feb. 26 to ease the transition.

“We are pleased to welcome Joe to the Fred’s team full time,” Fred’s CEO Mike Bloom said. “Joe’s experience and expertise is invaluable as we continue to implement our strategic initiatives to drive increased traffic and comp sales, reduce SG&A, generate free cash flow and optimize our balance sheet. Joe is a proven financial and business development executive, and brings a diverse set of skills and experience that will help position Fred’s for long-term success.”

Anto was most recently senior vice president of strategy and M&A at MediaNews Group, where he had worked in various capacities since 2013. At MediaNews Group, he was involved in efforts to drive digital revenue and reduce organization expenses. In addition to his experience at MediaNews Group, Anto will bring to the company seven months’ experience of working with Fred’s, with which he has been working in a consulting capacity. As CFO, he will oversee the company’s financial and risk management, information technology and real estate strategy.

“I am thrilled to join Fred’s at this important time in the Company’s transformation,” Anto said. “I look forward to working with Mike and the rest of the senior leadership team as we develop and execute on the strategic priorities that will deliver long-term sustainable growth, cash flow and value creation.”

Bloom also thanked Jenne for his work at Fred’s. “On behalf of the Board of Directors and the entire Company, I thank Jason for his contributions to Fred’s as well as his continued support during this transition period. We wish Jason all the best in his future endeavors.”

 

 

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