MEMPHIS, Tenn. — Former Walgreens finance executive Rick Hans has joined Fred’s Inc. as executive vice president and chief financial officer.

Rick Hans

Fred’s said late Monday that Hans fills the vacancy left when Jerry Shore, the retailer’s previous CFO, was promoted to chief executive officer in October 2014.

In his 27-year career at Walgreen Co., Hans most recently served as vice president of investor relations and finance. Before that, he was director of finance and assistant treasurer. He also held roles as real estate manager and senior real estate manager, where he was responsible for the development of more than 250 Walgreen drug stores. He joined the drug chain in 1987 as a financial analyst.

“We are very pleased to announce that Rick Hans has joined our company as executive vice president and chief financial officer. Rick brings a broad background and deep understanding of our total business, which will allow us to better align shareholder value with the potential of our operations,” Shore said in a statement.

“One of our key initiatives for almost two years now has been to improve the talent throughout our organization, using a balanced approach of hiring of new leadership with strong industry expertise together with developing and promoting existing team members. This initiative has brought to Fred’s differing skills and perspectives that strengthen our capabilities and help us continue driving towards sustainable growth and profitability,” Shore added. “The addition of Rick to our team greatly advances the success we have achieved with our talent initiative.”

Fred’s operate 659 discount general merchandise stores (including 18 franchised locations) and three specialty pharmacy locations in 15 states in the Southeastern United States. The retailer also operates 372 full-service pharmacies its discount stores, including five franchised locations.