Discount retailer Family Dollar Stores Inc. has named Michael K. Bloom as its new president and COO, filling the posts vacated by the retirement of longtime executive R. James Kelly.
“Today’s announcement reflects the result of several years of thoughtful discussion and planning as we prepared for Jim’s retirement,” said Chief Executive Howard Levine.
Bloom previously worked as executive vice president of merchandising, supply chain, marketing and advertising for CVS Caremark Corp. (CVS), one of a series of posts he held in a 20-year career at the drug store and pharmacy-benefit manager.
Kelly, whose 15-year stretch at Family Dollar included a stint as the company’s chief financial officer, will stay on as vice chairman over the next six months to assist the transition.
The discount retailer reported higher sales and profit in its fiscal third quarter as traffic rose, but results missed views and company offered a dimmer outlook for the full year. The company is slated to report fourth-quarter results Wednesday.