VOL. 133 | NO. 90 | Friday, May 4, 2018
Two More Executives Resign at Fred's
By Andy Meek
Two more senior executives are out at discount retailer Fred’s Inc., with word of their departures coming a week after the Memphis-based company’s CEO resigned.
Fred’s disclosed in a security filing today, May 3, that chief operating officer Timothy Liebmann and chief merchandising and marketing officer Mary Louise Gardner have both resigned “to pursue other opportunities.” Their departures will cost the company more $1.5 million, as that figure alone represents the severance costs of $800,000 that will go to Liebmann and $663,000 going to Gardner. They’ll also get their regular base salary through May 27.
Both executives resigned on Friday, April 27. That means they resigned the same day Fred’s publicly announced the departure of CEO Mike Bloom. News of Bloom leaving came less than two years after his arrival in the corner office and on the heels of a volatile period for the company that’s included an uncertain turnaround strategy and a plummeting stock price in addition to the management shuffles.
All of this is backdrop for Fred’s rescheduled fourth-quarter and year-end earnings call, which is set for Friday morning, May 4.
Currently acting as CEO is Fred’s chief financial officer Joseph Anto. He was tapped to be the company’s finance chief in February, the second CFO change Fred’s had made in less than a year.
Fred’s stock price closed May 3 at $1.74, down from a 52-week high of $16.27.