Fred's (FRED) Names Jerry A. Shore CEO Oct 30, 2014 05:46PM

The Board of Directors of Fred's Inc. (NASDAQ: FRED) today announced that it has named Jerry A. Shore Chief Executive Officer of the Company. Shore's promotion follows the Board's receipt and acceptance of notification by Bruce A. Efird of his intention to leave the Company upon the expiration of his employment contract.

Shore has served as the Company's Executive Vice President and Chief Financial Officer for more than 14 years and assumed the additional title of Chief Operating Officer in January of this year.

In connection with the change in Fred's leadership, the Company also has promoted Vice President and Controller Sherri L. Tagg to the position of Chief Accounting Officer. The Company has been working with an executive search firm to fill the vacant position of President and Chief Operating Officer and anticipates filling that slot very soon.

Commenting on the announcements, Michael J. Hayes, Chairman of the Board of Directors, said, "The Board's decision, effective today, to name Jerry as our new CEO was made in recognition of his accomplishments in guiding the fiscal management of the Company and, more recently, his notable contributions as Chief Operating Officer to the operational and strategic aspects of our business. In addition to these skills, Jerry has an intimate knowledge of the Company’s business and personnel, and he possesses the vision and strategy needed to transition Fred's to the convenience/pharmacy-centric model.

"Bruce will remain as an employee of the Company through the term of his contract," Hayes added. "We wish him all the best in the next phase of his career."

Commenting on the news, Shore said, "I am honored and excited by this appointment. For the past 10 months, I have been able to spend more time focusing broadly on Company operations, and I am confident of building a strong team that will drive deeper penetration of pharmacies in our stores and the relay of existing stores with the convenient, "need it now" format. This combination, along with a stronger marketing program, will be the cornerstone of our growth and profitability going forward."

Hayes noted that during the Company's upcoming third quarter conference call on November 25, 2014, management will discuss the Company's strategic alternatives program.


Wayne Savings Bancshares (WAYN) Names CEO Oct 30, 2014 05:36PM

Wayne Savings Bancshares, Inc. (Nasdaq: WAYN) announced that the Board of Directors has appointed H. Stewart Fitz Gibbon III to the positions of President and Chief Executive Officer of the Company and the Bank, effective November 3, 2014. As announced on March 17, 2014, Rod C. Steiger, Director, President and Chief Executive Officer of the Company will retire on December 31, 2014.

Mr. Fitz Gibbon joined the Company and the Bank in September, 2005 starting as Senior Vice President, Chief Financial Officer, Secretary and Treasurer and advancing to Executive Vice President, Chief Operating Officer, Chief Risk Officer, Secretary and Treasurer of the Company and President, Chief Operating Officer, Chief Risk Officer, Secretary, Treasurer and Director of the Bank prior to this new appointment. Mr. Fitz Gibbon has over 30 years of experience in the banking industry.

Peggy J. Schmitz, Chair of the Board of Directors, commented that "We are thrilled to announce the appointment of H. Stewart Fitz Gibbon III as President and CEO of Wayne Savings Community Bank and Wayne Savings Bancshares, Inc. Going into the process, we knew that Mr. Fitz Gibbon was an invaluable member of our team, and is highly qualified for the position of CEO. Nonetheless, we wanted to make sure we selected the best possible candidate, so we took the time to complete an exhaustive search, and ultimately determined that Mr. Fitz Gibbon is, in fact, the best person to lead the Bank into the future and help us fulfill our vision."

Established in 1899, Wayne Savings Community Bank, the wholly owned subsidiary of Wayne Savings Bancshares, Inc., has eleven full-service banking locations in the communities of Wooster, Ashland, Millersburg, Rittman, Lodi, North Canton, and Creston, Ohio.


Theravance (THRX) Misses Q3 EPS by 5c, Names New Chairman Oct 30, 2014 05:15PM

Theravance (NASDAQ: THRX) reported Q3 EPS of ($0.19), $0.05 worse than the analyst estimate of ($0.14). Revenue for the quarter came in at $999 thousand versus the consensus estimate of $6.3 million.

"In the third quarter, we elevated our efforts to work closely with GSK to achieve our goal of optimizing the commercial potential and value of RELVAR/BREO ELLIPTA and ANORO ELLIPTA as both products continue to launch across the globe," said Michael W. Aguiar, Chief Executive Officer of Theravance. "Today, we announced that Bill Waltrip, who has served as a director since April 2000 and lead independent director since April 2005, was appointed as Chairman of our Board of Directors replacing Rick E Winningham who stepped down from the Board. This represents the final step in the process of separating the governance of Theravance and Theravance Biopharma, Inc. I would like to thank Rick for his contributions, guidance and leadership over the years and look forward to continuing to work closely with Bill going forward."

For earnings history and earnings-related data on Theravance (THRX) click here.


Globus Medical (GMED) Tops Q3 EPS by 3c; Announces CFO Resignation Oct 30, 2014 04:39PM

Globus Medical (NYSE: GMED) reported Q3 EPS of $0.24, $0.03 better than the analyst estimate of $0.21. Revenue for the quarter came in at $117.8 million versus the consensus estimate of $113.1 million.

he Company also announced the resignation of Rick Baron, Senior Vice President and Chief Financial Officer. Mr. Baron, who is resigning to pursue other interests, will remain with the Company to assist with the transition during the search for his replacement. As part of the Company’s transition plan, Mr. Baron will step down as the Company’s Chief Financial Officer, effective on November 3, 2014, to allow him to focus on issues related to the transition. Dave Demski, the Company’s President and Chief Operating Officer, will also assume the role of the Company’s Chief Financial Officer on an interim basis until the new Chief Financial Officer is hired. Mr. Demski previously served as the Company’s Chief Financial Officer from 2003 until his promotion to President and Chief Operating Officer in 2008.

For earnings history and earnings-related data on Globus Medical (GMED) click here.


Kindred Healthcare (KND) Elects Benjamin A. Breier as CEO Oct 30, 2014 04:36PM

Kindred Healthcare (NYSE: KND) announced that Benjamin A. Breier will become Chief Executive Officer on March 31, 2015, succeeding Paul J. Diaz who will become Executive Vice Chairman of the Kindred Board of Directors. Mr. Breier will also become a member of Kindred’s Board of Directors, effective March 31, 2015.

Mr. Breier joined the Company in August 2005 as President of the Rehabilitation Division. In March 2008 he was named President of the Company’s Hospital Division. He was promoted to Chief Operating Officer in August 2010, and assumed the additional responsibilities of Company President in May 2012.

“Ben is a strong leader with an intimate understanding of Kindred and each of its businesses,” said Phyllis R. Yale, Chair of Kindred’s Board. “The Board is confident that he will successfully direct Kindred’s growth and capabilities to create solutions for our nation’s healthcare delivery system. The Board also appreciates Paul’s outstanding leadership and many contributions, and looks forward to his transitional support and ongoing strategic involvement with the Company. Since joining Kindred in January 2002, Paul has been instrumental in advancing the Company’s Mission and in creating the nation’s largest, fully diversified post-acute and rehabilitation care provider.”

“It has been an honor and a privilege to serve the Company and our dedicated teammates over the past 12 years,” said Mr. Diaz. “While the time is right for me and my family to transition from the day-to-day leadership of the Company, I am confident in Ben’s abilities to carry forward our shared vision for Kindred, its Mission and strategy. During Ben’s tenure as President, he significantly enhanced both the quality outcomes Kindred cares so deeply about, and the operational excellence for which Kindred has come to be known. Ben has continued to drive performance, efficiencies of service and enhanced employee engagement. Over the last several years, Ben has been my partner in every way, leading our Continue the Care Strategy in our Integrated Care Markets, the integration of RehabCare in 2011, as well as the significant repositioning of the Company, and more recently the announcement of our agreement to acquire Gentiva Health Services, Inc. (NASDAQ: GTIV). While his management talents are well known, his passion for our people and patients gives me the confidence that he will create ongoing success for the Company and deliver value for our patients, teammates, and shareholders well into the future.”

“I am honored by the opportunity to lead a dynamic organization like Kindred. I look forward to continuing the mission of making post-acute care more efficient and accessible to the nation’s healthcare beneficiaries,” commented Mr. Breier. “Paul led Kindred through an amazing organizational transformation over the last decade. I am fortunate that, in his new role, he will assist me in the transition, and be actively involved in supporting critical areas including advancing our public policy agenda, network development and strategic planning. I am glad I will have my friend and partner with us as we continue our journey together.”

About Benjamin A. Breier

Benjamin A. Breier, 43, has served as President and Chief Operating Officer of Kindred since May 2012. Prior to joining the Company in 2005, he served as Concentra, Inc.’s Senior Vice President of Operations and Vice President of Operations. Before joining Concentra, Mr. Breier served as Director of Operations at Premier Practice Management, Inc. He joined Premier as Chief Operating Officer in January 1997 and became Chief Executive Officer in June 1998. Premier Practice Management was a subsidiary of Premier, Inc., the largest hospital group purchasing alliance in the United States.

Mr. Breier received his bachelor’s in economics from The Wharton School of Business at The University of Pennsylvania. He also holds an MBA and an MHA from The University of Miami (FL).

In September 2010, Mr. Breier was named by Modern Healthcare magazine to the 2010 “Up & Comers” list, which recognizes young leaders aged 40 and under who are making a difference in healthcare.


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