Bon-Ton extends CEO contract, names new COO
YORK, Pa. -- The Bon-Ton Stores announced its board of directors unanimously approved an amendment to Bud Bergren’s employment agreement, which states Bergren will continue to serve as president and CEO through Feb. 5, 2012. His term as president and CEO will automatically renew for successive periods of one year unless either the company or Bergren elects not to renew his term as president and CEO. Subsequent to Bergren’s term as president and CEO, he will continue as a director, and, at the company’s election, will also serve as the chairman of the board until the annual meeting of shareholders that is at least 12 months following the end of the CEO Term.
Tim Grumbacher, executive chairman of the board of directors, commented, “We are very pleased that Bud has accepted the board’s request to continue in his role as president and CEO. Bud provides significant leadership and insight to identify strategic initiatives as we leverage our operational and merchandising strengths. Bud’s vision, leadership and execution continue to guide us and we look forward to his ongoing contributions as we position our company for future growth and profitability.”
Additionally, the company announced that Barbara Schrantz has been promoted to the position of COO, effective Jan. 30. Schrantz is currently EVP sales promotion and marketing. In addition to her current responsibilities, Schrantz will have stores, visual, logistics and distribution, loss prevention, construction, human resources, corporate procurement and operations and information systems reporting to her.
Schrantz has 24 years experience in the department store industry. She has been EVP sales promotion and marketing since March 2009. Prior to that, Schrantz served as EVP stores and visual since March 2008. She served as SVP merchandise planning and Internet marketing from September 2006 to February 2008, and as SVP, product development and private brand from September 2005 to August 2006. Before joining Bon-Ton, Schrantz held various merchandising posts of increasing responsibility, including SVP general merchandise manager, at the 53-store Profitts/McRae’s division of Saks Incorporated for more than five years.