Bon-Ton Stores has brought in its fourth CEO in the past five years—and is replacing its retiring chairman with his wife.
The 261-store chain’s current president and CEO, Kathryn Bufano, will step down at the end of August and be replaced by William Tracy, the department store’s current chief operating officer. Tracy has previously worked at Hudson’s Bay and once held the position of chief operating officer at Fortunoff Brands.
Bufano, the former president of rival department store Belk, has headed the company since 2015. She replaced former Lord & Taylor CEO Brendan Hoffman, who took over in 2012.
In addition, Chad Stauffer, one of the company’s current general merchandise managers, has been named executive vice president, chief merchandising officer, responsible for the company’s merchandising strategy.
The company also announced that current chairman Tim Grumbacher is retiring from that post. He will be replaced by Debra K. Simon, a member of the board as well as Grumbacher’s wife.
Grumbacher has served as chairman since 1991 and was CEO from 1985 to 1995. He is the grandson of chain founder Max Grumbacher.
The company posted a $63.4 million loss in fiscal 2016, with comps dropping 3.8 percent.
(Image from Flickr)
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