Fred’s, Inc. Names Heath Freeman Chairman of the Board
September 06 2017 - 7:01AM
Business Wire
Thomas J. Tashjian to Retire After 16 Years of
Service
Fred’s, Inc. (“Fred’s” or “Company”) (NASDAQ:FRED) today
announced that it has appointed Heath Freeman Chairman of the Board
of Directors, effective immediately. Mr. Freeman succeeds Thomas J.
Tashjian, who is retiring from the Board.
“Heath brings significant retail, turnaround, and financial
expertise and we determined that as Chairman, Heath will bring
invaluable insights and experience as the Company continues to
execute its turnaround strategy,” said Michael K. Bloom, Chief
Executive Officer and Member of the Board. “Additionally, as
President of Alden, the Company’s largest investor, Heath brings a
strong shareholder perspective to the role of Chairman. I am
confident that under his leadership, coupled with the oversight of
our high-quality and experienced Board, we will be well positioned
to drive Fred’s long-term success.”
Mr. Freeman commented, “I am pleased to assume the role of
Chairman of the Fred’s Board. Fred’s has a strong platform and I
look forward to continuing to work together with our Board members
to support the management team as it executes the Company’s
strategy to drive free cash flow and generate value for all
shareholders.”
Mr. Bloom added, “On behalf of the Board of Directors, I want to
thank Tom for his dedicated service and many contributions to
Fred’s over the past 16 years. Our Board and management team have
significantly benefited from Tom’s exemplary leadership and we wish
him the best in his well-deserved retirement.”
Mr. Freeman was added to Fred’s Board on August 14, 2017 in
connection with the execution of an Amended and Restated
Cooperation Agreement between Alden Global Capital LLC (”Alden”)
and Fred’s, dated August 11, 2017.
About Heath Freeman
Mr. Freeman is the President and a Founding Member, of Alden
Global Capital LLC, a New York-based investment firm focused on
deep value, catalyst driven investing. He has been with the firm
since its founding in 2007, and has been its President since 2014.
Mr. Freeman currently serves as Vice Chairman of MediaNews Group,
Inc. (‘MNG”), the second largest newspaper business in the United
States by circulation, owning newspapers such as The Denver Post,
San Jose Mercury News and Orange County Register. At MNG he leads
the strategic review committee and serves on the compensation
committee. Mr. Freeman is a co-founder and serves on the board of
SLT Group, Inc. a private boutique fitness business founded in
2011. In addition, Mr. Freeman also co-founded City of Saints
Coffee Roasters in 2013, a third wave coffee roaster, wholesaler
and retailer. Prior to Alden, Mr. Freeman worked as an Investment
Analyst at Smith Management, a private investment firm. Mr. Freeman
began his career as an analyst at Peter J. Solomon Company, a
boutique investment bank with a focus on Retail and Consumer, where
he worked on mergers and acquisitions, restructurings and
refinancing assignments. Currently, Mr. Freeman serves as Chairman
of the Advisory Board for Jewish Life at Duke University's Freeman
Center. He is a graduate of Duke University.
About Fred’s Pharmacy
Tracing its history back to an original store in Coldwater,
Mississippi, opened in 1947, today Fred’s Pharmacy is headquartered
in Memphis, Tennessee, and operates 600 pharmacy and general
merchandise stores, which includes 14 franchised Fred’s Pharmacy
locations and an additional three specialty pharmacy-only
locations. With a unique store format and strategy that combines
the best elements of a healthcare-focused drug store with a
value-focused retailer, Fred’s Pharmacy stores offer more than
12,000 frequently purchased items that address the healthcare and
everyday needs of its customers and patients. This includes
nationally recognized brands, proprietary Fred’s Pharmacy label
products, and a full range of value-priced selections. The Company
has two distribution centers, one in Memphis, Tennessee, and
Dublin, Georgia.
For more information about the Company, visit Fred’s website at
www.fredsinc.com.
Forward-Looking Statements
Comments in this news release that are not historical facts are
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those
projected in the forward-looking statements. A reader can identify
forward-looking statements because they are not limited to
historical facts or they use such words as "outlook," "guidance,"
"may," "should," "could," "believe," "anticipate," "plan,"
"expect," "estimate," "forecast," "goal," "intend," "committed,"
"continue," or "will likely result" and similar expressions that
concern the Company's strategy, plans, intentions or beliefs about
future occurrences or results. These risks and uncertainties
include, but are not limited to, those associated with the
Company's announced strategic plan, the success of announced
acquisition activities and future growth trends in businesses
acquired; general economic trends; changes in consumer demand or
purchase patterns; delays or interruptions in the flow of
merchandise between the Company's distribution centers and its
stores or between the Company's suppliers and same; a disruption in
the Company's data processing services; cyber-security threats;
costs and delays in acquiring or developing new store sites; and
the factors listed under "Risk Factors" in the Company's most
recent Annual Report on Form 10-K and any subsequent quarterly
filings on Form 10-Q filed with the Securities and Exchange
Commission. Forward-looking statements speak only as of the date
made. The Company undertakes no obligation to release revisions to
these forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unforeseen
events, except as required to be reported under the rules and
regulations of the Securities and Exchange Commission.
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Fred's PharmacyJason Jenne, 901-238-2787Executive Vice
President, Chief Financial OfficerorJoele Frank, Wilkinson Brimmer
KatcherEd Trissel / Dan Moore, 212-355-4449
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