The Bon-Ton Stores, Inc. announced that president and CEO Brendan Hoffman will not renew his contract when it expires on February 7, 2015. He will also resign from the board. Hoffman has been in the role since February 2012.
Hoffman was CEO of Lord & Taylor from 2008 to 2012. Before that he spent six years as president and CEO of Neiman Marcus Direct, the online and catalog division of the luxury retailer. He was VP of Neiman Marcus’s Last Call from 2000 to 2002 and prior to that he was a DMM at Bergdorf Goodman.
The decision not to renew the contract came from Hoffman himself. “I truly enjoyed working for the company these past two years. However, I have made the difficult decision to end my tenure with the company for strictly personal reasons,” he said in a statement. “I remain committed to continuing to execute the strategic initiatives we put forward as the company searches for a new chief executive officer.”
Bon-Ton chairman Tim Grumbacher said he regrets Hoffman’s decision to leave, but he respects it. “Brendan has my personal best wishes for success going forward. On behalf of the entire board of directors, I offer Brendan our thanks for his outstanding work at Bon-Ton. The initiatives he implemented and the direction he brought to the company have built the foundation for a successful future for our company.”
The Bon-Ton board has started a search for a new chief executive.
The Bon-Ton Stores operates 270 stores in 25 states under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers names. The company also announced fourth quarter numbers today. Net income for the quarter was $61.3 million, down from the previous year’s $74.4 million. Hoffman blamed “multiple snowstorms and the polar vortex during the December and January periods” for the disappointing results.