BON-TON PRESIDENT RESIGNS; SEARCH IS ON FOR SUCCESSOR
NEW YORK — The Bon-Ton said its president, Terry Jarvis, resigned Tuesday “to pursue other opportunities” and that a search for a successor has begun.
In the meantime, Jarvis’s responsibilities over merchandising, sales promotion and advertising will be handled by Tim Grumbacher, chairman and chief executive officer.
Jarvis could not be reached for comment. Following the announcement, Bon-Ton stock declined 1 1/2, or 12.5 percent, to 10 1/2 Tuesday in over-the-counter trading.
Jarvis joined the York, Pa.-based 70-unit department store chain in October 1993. Prior to that, he was ceo of Caster Knott and The Jones Store divisions of Mercantile Stores.
Herbert Mines Associates is handling the search.
With the help of a series of acquisitions made last year, Bon-Ton’s volume is expected to rise to $600 million this year from just under $500 million in 1994, according to Michael L. Gleim, senior executive vice president and chief administrative officer.