YORK, Pa.--(BUSINESS WIRE)--
The Bon-Ton Stores, Inc. (NASDAQ:BONT) announced that Tim
Grumbacher has informed the Board of Directors of the Company of his
decision to retire as Chairman of the Board of Directors and Strategic
Initiatives Officer effective May 13, 2017. Mr. Grumbacher will continue
to serve as Chairman Emeritus and Advisor to the Chief Executive
Officer. Debra K. Simon, a current member of the Board of Directors of
the Company, has been elected to succeed Mr. Grumbacher as Chairman of
the Board, also effective May 13, 2017.
Mr. Grumbacher has been a member of the Board of Directors since 1967
and served as Chairman of the Board since 1991. He also served as Chief
Executive Officer of the Company from 1985 to 1995 and held various
senior management positions within the Company since 1977.
Ms. Simon, the wife of Mr. Grumbacher, has been a member of the Board
since March 2016. She had been a practicing CPA and was employed by SF &
Company (now Baker Tilly) for 32 years before retiring in 2015. She
served in various leadership positions during her tenure at SF &
Company, including Chief Operating Officer from 2010 to 2015.
Michael Gleim, Vice Chairman of Board, stated, "Tim Grumbacher is the
person most responsible for the growth and success of Bon-Ton over the
past several decades. During his leadership, the Company grew from fewer
than 10 stores in 1967, to 261 stores presently. His experience, vision
and leadership have been tremendous assets to the Company."
Mr. Gleim continued, "We are excited that Debra Simon will succeed Tim
as Chairman of the Board. She is an existing Board member and we expect
to leverage her financial and operational skills as we execute our
strategy and navigate through the challenges facing the department store
industry. We look forward to her leadership and continued contributions."
About The Bon-Ton Stores, Inc.
The Bon-Ton Stores, Inc., with corporate headquarters in York,
Pennsylvania and Milwaukee, Wisconsin, operates 261 stores, which
includes nine furniture galleries and four clearance centers, in 25
states in the Northeast, Midwest and upper Great Plains under the
Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's
and Younkers nameplates. The stores offer a broad assortment of national
and private brand fashion apparel and accessories for women, men and
children, as well as cosmetics and home furnishings. The Bon-Ton Stores,
Inc. is an active and positive participant in the communities it serves.
For further information, please visit http://investors.bonton.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170505005595/en/
Jean Fontana, 646-277-1214
Source: The Bon-Ton Stores, Inc.
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