The Bon-Ton Stores, Inc. announced Tim Grumbacher, Chairman and Chief Executive Officer of The Bon-Ton Stores, Inc., intends to step down as chief executive officer by mid-2004. This is consistent with the company's on-going succession planning process.
As part of the orderly transition, the company's Board of Directors has formed a special leadership transition committee of four directors, including three independent directors, to conduct a search for Mr. Grumbacher's successor. The committee will consider internal and external candidates.
Mr. Grumbacher will retain his position as the chairman of the board of directors and will remain active in the business after his successor is named. In addition, the Grumbacher family will continue to maintain a controlling ownership interest in The Bon-Ton.