MEMPHIS, Tenn. — Former Family Dollar Stores and CVS Caremark executive Michael Bloom has been hired as president and chief operating officer at Fred’s Inc.

Michael Bloom

The discount general merchandise chain said late Monday that Bloom started in the new role this week.

Bloom brings to Fred’s more than 30 years of experience in small-box general merchandising, supply chain management and store operations. Most recently, he was president and COO of Family Dollar, serving in that role from September 2011 to January 2014. Before that, he was executive vice president of merchandising, supply chain, marketing and advertising at CVS Caremark, where he had a 20-year career.

The hiring of Bloom comes less than two weeks after Jerry Shore officially took over as the Fred’s chief executive officer. Shore, previously president and COO, succeeded Bruce Efird, who left the company when his contract expired at the end of last year.

"Mike Bloom is a proven leader in our industry with a track record for delivering strong results. He brings to the Fred’s team expertise in both discount and chain drug retailing that touches on all key areas of our business," Shore said in a statement. "His extensive knowledge and experience in merchandising, operations, and supply chain strategies will provide leadership to improve processes and drive customer traffic in our stores. As president and chief operating officer, Mike will have responsibility for major operational areas, including general merchandising, marketing, store operations, and supply chain management."

Fred’s chairman Michael Hayes commented, "Our board of directors views this senior management addition as an important step in the process of developing the Fred’s team of the future. The hiring of Mike Bloom as president and chief operating officer and the recent naming of a new chief executive officer and a new general merchandise manager form the nucleus of a team that will bring greater innovation, improved strategic execution and renewed dedication to drive growth for Fred’s for many years to come."

Fred’s operates 661 discount GM stores, including approximately 350 pharmacies, in the Southeast. The company said it would shut a net of about 20 units for 2014 but open around 40 pharmacies. It announced a new pharmacy distribution agreement with Cardinal Health Inc. over the summer.

In late August, Efird reported that Fred’s plans to close 60 underperforming stores without pharmacies by the end of fiscal 2014 and accelerate pharmacy acquisitions as it transitions to a pharmacy-centric model, with a goal of 65% to 70% of its stores having pharmacies.

Fred’s stores carry more than 12,000 brand-name, private label and off-brand items, including food, health and beauty aids, housewares and cleaning supplies.