The Bon-Ton Stores, Inc. announced that Brendan L. Hoffman, president and chief executive officer, has notified the company's board of directors that he will not renew his employment agreement with the company at its expiration on Feb. 7, 2015. Therefore, Hoffman's term as president and chief executive officer will end, and he will also resign as a director of the company, on Feb. 7, 2015.
Hoffman stated, “I am extremely proud of the Bon-Ton team and what we have accomplished since I joined in 2012. I truly enjoyed working for the Company these past two years. However, I have made the difficult decision to end my tenure with the Company for strictly personal reasons. I remain committed to continuing to execute the strategic initiatives we put forward as the Company searches for a new chief executive officer.”
Tim Grumbacher, Bon-Ton's Chairman of the Board commented, “While I regret that Brendan will be leaving Bon-Ton when his contract expires, I respect his decision. Brendan has my personal best wishes for success going forward. On behalf of the entire Board of Directors, I offer Brendan our thanks for his outstanding work at Bon-Ton. The initiatives he implemented and the direction he brought to the Company have built the foundation for a successful future for our Company. The advance notice Brendan has given should afford the Company an opportunity to find and attract a talented leader to assume the role he is vacating and ensure a smooth transition. Until then, we look forward to working with Brendan and taking advantage of his continued services to the Company.”
The Board of Directors will undertake a national search to find a chief executive officer to succeed Hoffman.
The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 270 department stores, which includes 10 furniture galleries, 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.
