York, Pa., The Bon-Ton Stores, Inc. said it has struck an Executive Transition Agreement with Tim Grumbacher, Chairman of the Board of Directors and its former CEO. Under the Agreement, Grumbacher will serve as Executive Chairman of the Board of Directors and a member of the Executive Committee of the Board. Grumbacher stepped down as CEO in Aug. 2004 when Bud Bergren was appointed to the post.
Bud Bergren, president and CEO, said in a statement, “Tim has been an important part of the development and growth of Bon-Ton and most recently in pursuing and closing the acquisition of Elder-Beerman Stores Corp. I, personally, appreciate the role Tim is playing in the leadership transition of the Company. The sharing of his knowledge and experience will contribute greatly to the future success of our Company.”