NEW YORK — Bon-Ton Stores Inc. said chief executive officer Tim Grumbacher will resign from that position by the middle of next year, but will continue as chairman of the board.
Grumbacher, 63, became ceo in 2000 and has been chairman of the board since 1991. He’s been a member of the board since 1967, and also served as the company’s president from 1977 to 1989.
The York, Penn.-based department store chain, which acquired Elder-Beerman Stores Corp. in October, said the move is consistent with the company’s ongoing succession-planning process. Bon-Ton said it will consider both internal and external candidates, and that the board has formed a special committee of four directors, three of whom are independent, to conduct the search.
The Grumbacher family will continue to hold a controlling interest in the firm, Bon-Ton said. As of May 15, Grumbacher family holdings accrued 54.9 percent of the company’s common stock, according to a filing with the Securities and Exchange Commission.
Additionally, Tim Grumbacher held 98.7 percent of all class A shares, each of which are convertible into one share of common stock.
With the acquisition of Elder-Beerman, Bon-Ton expanded westward into the Midwest and now includes 142 department stores in 16 states.
Other members of the Bon-Ton management team include Frank Tworecke, president and chief operating officer; James Baireuther, vice chairman and chief administrative and financial officer, and Michael Gleim, vice chairman.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over the top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty