Debra Simon is the new Chairman of Bon-Ton board of directors

The Bon-Ton Stores’ current board chairman and strategic initiatives officer Tim Grumbacher has decided to retire from the company effective May 13, 2017. The company said, he will continue to serve as chairman emeritus and advisor to the Chief Executive Officer and Debra K. Simon, a current member of the company’s board of directors has been elected to succeed Grumbacher as the next Chairman.

Commenting on Grumbacher’s retirement, Michael Gleim, Vice Chairman of Board, stated in a the company announcement, "Tim Grumbacher is the person most responsible for the growth and success of Bon-Ton over the past several decades. During his leadership, the company grew from fewer than 10 stores in 1967, to 261 stores presently. His experience, vision and leadership have been tremendous assets to the company."

Debra Simon is the new Chairman of Bon-Ton board

Simon, the wife of Grumbacher, has been a member of the board since March 2016. She had been a practicing CPA and was employed by SF & Company (now Baker Tilly) for 32 years before retiring in 2015. She served in various leadership positions during her tenure at SF & Company, including chief operating officer from 2010 to 2015.

"We are excited that Debra Simon will succeed Tim as Chairman of the board. She is an existing board member and we expect to leverage her financial and operational skills as we execute our strategy and navigate through the challenges facing the department store industry," added Gleim.

Grumbacher has been a member of the board of directors since 1967 and served as chairman of the board since 1991. He also served as chief executive officer of the company from 1985 to 1995 and held various senior management positions within the company since 1977.

Picture:Bon-Ton Stores website