Fred's (FRED) Names New Pharmacy COO

August 19, 2016 9:31 AM EDT

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Fred's Inc. (Nasdaq: FRED) announced that Timothy A. Liebmann, Vice President of Pharmacy Services, has been promoted to newly created role of Chief Operating Officer – Pharmacy, effective immediately. Liebmann succeeds Rick A. Chambers, Executive Vice President – Pharmacy Operations, who is retiring from the Company.

Prior to joining Fred's in June 2016, Liebmann was with SUNRx, LLC, a prescription benefit manager and wholly owned subsidiary of MedImpact Healthcare Systems. Liebmann founded SUNRx in 2007 and served as Chairman and Chief Executive Officer until the company's acquisition by MedImpact Healthcare Systems in 2012, after which he served as Vice President of Pharmacy for SUNRx until he joined Fred's.

Commenting on the announcement, Jerry A. Shore, Chief Executive Officer, said, "We are indeed grateful to Rick for his many dedicated years of service to Fred's, having started his career with Fred's in 1992 as a pharmacist in one of the Company's stores and advancing quickly to his current position. We wish him the best in his retirement. We are also very pleased to be able to promote a veteran with more than 25 years of proven leadership in the pharmacy industry to this important role. Tim has an impressive track record, spanning a broad range of expertise and experience that includes all aspects of pharmacy management as well as financial and operational management. We are confident that he will continue to build on our mission to improve lives of patients and customers by providing quality healthcare services."

Michael K. Bloom, President and Chief Operating Officer, added, "I have great confidence in Tim's ability to develop the vision and strategy necessary to energize both Retail and Specialty Pharmacy growth at Fred's. He is a great addition to our leadership team and has, through experience, developed a keen focus on the importance of the shared and separate interests of patients and physicians."

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