Bon-Ton Stores, Inc. aappointed Kathryn Bufano to the position of president and CEO of the company, effective Aug, 25.
She will also be elected to the board of directors. Bufano replaces President and Chief Executive Officer Brendan Hoffman, who is a current member of the Board. As previously announced, Hoffman elected not to renew his three-year employment agreement and will resign as President and Chief Executive Officer and as a member of the Board effective with the election of Bufano. Hoffman will play an important role in working through a transition period with Bufano. This follows his active role in conversations with Bufano during the recruitment process.
Bufano has served as President and Chief Merchandising Officer of Belk Inc. since August 2010 and previously served as its President, Merchandising and Marketing from January 2008 to August 2010. From 2006 to January 2008, Bufano was the Chief Executive Officer of Vanity Shops, Inc. Bufano pursued higher education from 2003 to 2006, and from 2002 to 2003 she was Executive Vice President, General Manager Soft-lines for Sears Roebuck & Company. Prior to 2002, Bufano served as President, Chief Merchandising Officer for Dress Barn, Inc. and in various positions in the Macy's East and Lord & Taylor divisions of Federated Department Stores.
Tim Grumbacher, Chairman of the Board and Chief Strategic Officer, stated, “We are excited to have an executive with Kathryn's talents and background assuming the role of President and Chief Executive Officer of the Company. Her years of experience in the department store industry will allow her to refine and drive the strategic growth initiatives we have put in place over the last several years. We look forward to Kathryn joining our team and leading the future success of our Company.”
Grumbacher continued, “The Board of Directors and I would personally like to thank Brendan for his leadership, initiative, accomplishments and dedicated service. We wish him well in his future endeavors.”
Bufano commented, “I am excited to have the opportunity to lead the Bon-Ton team. I have great confidence in the Company's future and I look forward to working with management and the Board in executing a successful strategic plan and increasing shareholder value.”
