MEMPHIS, Tenn. Fred’s on Friday announced the retirement of both John Reier, president, and Gerald Thompson, executive vice president and chief operating officer, pursuant to the company’s management succession plan.
Both men had previously expressed their intentions to retire following the transition to a new company president, which occurred in September when Fred’s named Bruce Efird to that position.
“John and Jerry have made significant contributions to our strategies, operations and organizational structure, and we are grateful for their hard work and dedication to Fred’s, our business and the more than 10,000 Fred’s employees. We wish them all the best in their retirement years,” stated Michael Hayes, Fred’s chief executive officer.
“Collaborating with Bruce Efird over the past five months, John and Jerry have effected a smooth transition at the top of our management team,” Hayes added. “This progress positions Fred’s to continue the important initiatives underway that we believe provide a solid foundation for future growth.”
Fred’s operates 713 discount general merchandise stores mainly in the southeastern United States, including 24 franchised Fred’s stores.