News

Bon-Ton appoints chairman's wife to board

Written by Brett Sholtis, York Daily Record | Mar 22, 2016 6:22 PM

The appointment, expanding the board to 10 members, comes a week after Bon-Ton posted a $57 million net loss for 2015.

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The Bon-Ton Stores Inc. posted a loss of $34 million, or $1.72 a share, for the three months ended Oct. 31. The company has corporate headquarters in Springettsbury Township and Milwaukee. (File, York Daily Record)

(York) -- The Bon-Ton Stores has appointed Debra Simon, the wife of board chairman Tim Grumbacher, to the company's board of directors, the company said Monday in a news release.

Simon's appointment comes a week after Bon-Ton posted a $57 million net loss for 2015. The appointment expands the board to 10 people, said Kim George, Bon-Ton spokeswoman.

"I think it was felt the addition of Ms. Simon was timely and a good addition to the board," George said.

This isn't the first time one of Grumbacher's family members was appointed to the board. In October 2014, the board of directors elected Grumbacher's daughter, Beth Grumbacher, to the board. She stepped down from the position for personal reasons in March 2015, according to a Securities and Exchange Commission filing.

In 2014, members of the board of directors were paid a base salary of $120,000 in cash and stock plus committee fees ranging from $5,000 to $20,000, a 2015 SEC filing shows.

Tim Grumbacher is also the majority owner of the company, George said. Because Simon is his wife, she won't be able to participate in certain committees on the board, such as the audit committee, in accordance with rules set by the Securities and Exchange Commission and NASDAQ, George said. Neither Grumbacher nor Simon was available for comment.

Simon, 57, is a certified public accountant who most recently worked as chief operations officer for SF & Company, now known as Baker Tilly, the release states. She holds a bachelor's degree in accounting from Penn State University.

The company, which has corporate headquarters in Springettsbury Township and Milwaukee, operates 267 stores in 26 states under several names, including Bon-Ton, Carson's and Elder-Beerman.

This article is part of a content-sharing partnership between York Daily Record and WITF. 

Published in News, York

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