Fred's Inc. announced the resignation of Chief Executive Officer Michael K. Bloom, effective as of April 24, 2018, to pursue other opportunities. Joseph Anto, the company's current Executive Vice President, Chief Financial Officer and Secretary, will serve as Interim Chief Executive Officer effective as of April 24, 2018. Mr. Bloom also resigned from the company's board of directors.

His resignation was not the result of any disagreement with the Company or its operations. Mr. Anto has served as the Company's Executive Vice President, Chief Financial Officer and Secretary since February 2018. Mr. Anto also served as a consultant to the Company from July 2017 to February 2018.

From 2015 to February 2018, Mr. Anto served as Senior Vice President of Strategy and M&A at MediaNews Group, Inc. 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.