HOFFMAN’S NEXT MOVE: Brendan Hoffman, president and chief executive officer of The Bon-Ton Stores Inc., could leave the company before his contract expires in February if the retailer finds a successor sooner. “I want to do whatever I can to be supportive of the transition. I’ll certainly be flexible there,” Hoffman said at the Bank of America Merrill Lynch Consumer Retail Conference on Wednesday, when the question came up. Bon-Ton has begun a search for a successor, utilizing the Spencer Stuart search firm, according to a source.
Hoffman, who first presented an overview of the Milwaukee-based regional department store operator, was also asked if a career opportunity suitable to his family presented itself, would he leave Bon-Ton before his contract expires. “I’m not focused on that right now,” he replied. “I’m focused on doing what we need to do for Bon-Ton, and importantly getting back with my family.”
Making his next career move, he said, “That’s more over the longer term. I’m committed to helping Bon-Ton get through this transition and finding somebody to pass the baton to.” Hoffman said his decision to not renew his contract with Bon-Ton “was purely for personal reasons. I’ve been commuting every week from here [New York]. I have young children. Maybe I was being a little bit naïve thinking it would be easier than it was. I needed to get back with my family.”
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