Fred's Pharmacy is looking for a new CEO
Michael K. Bloom is out as the CEO of Fred’s after less than two years in the job and a failed attempt to buy a chunk of Rite Aid stores.
The retailer announced that Chief Financial Officer Joseph Anto took over from Bloom as the interim CEO on April 24.
Bloom also resigned from the company’s board of directors.
“The Board is appreciative for Mike’s contributions, dedication and service," said Heath Freeman, Chairman of the Board. "Mike joined Fred’s with significant experience with retail drugstores. After the company was not able to purchase certain assets from the Rite Aid Corporation and following the end of the 2017 fiscal year, the timing was right, both for Mike and the company, for him to step down. We wish him the very best. The Fred’s Board is confident that Mr. Anto will serve the company well as Interim CEO.”
In June, Fred’s was forced to scrap its bid for 1,200 Rite Aid Corp stores.
Anto has served as the company’s Executive Vice President, Chief Financial Officer and Secretary since February. Anto also served as a consultant to the company from July 2017 to February 2018.
From 2015 to February 2018, Anto served as Senior Vice President of Strategy and M&A at MediaNews Group, Inc. (d/b/a Digital First Media), one of the largest newspaper companies in the U.S. by circulation.
From 2014-2015, he was Vice President of Business Development for MediaNews Group and also CEO at Jobs in the US.com, a subsidiary of MediaNews with regionally focused job board sites in New England.