The Bon-Ton Stores Inc. announced its chief financial officer has decided to retire.
Keith E. Plowman, executive vice president and CFO, plans to step down in August, according to a news release from the York County-based retailer.
“The company has made great strides under Keith’s financial leadership and, on behalf of the entire Board of Directors, I offer Keith our heartfelt thanks for his outstanding work at Bon-Ton,” said board Chairman Tim Grumbacher. “Keith was instrumental in the planning, financing and execution of the company’s significant acquisitions in the prior decade when our store count grew four-fold in a three-year period.”
According to company federal Securities and Exchange Commission filings, Plowman was named executive vice president of finance in April 2006. He was named CFO in May 2005 and previously was principal accounting officer from June 2003 to April 2013. According to the company’s proxy statement for the 2013 fiscal year, he made more than $1.5 million in total compensation.
The board plans to conduct a national search for Plowman’s replacement. He will continue on as a company consultant for 18 months after his retirement.
A message left for a company spokeswoman was not immediately returned.
This isn’t the first change in the company’s leadership in the past few months. In August, the board named Kathryn Bufano as president and CEO, replacing Brendan Hoffman.
Bon-Ton, which has headquarters in Springettsbury Township and Milwaukee, operates 272 stores, including nine furniture galleries and four clearance centers, in 26 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates.
The company trades its shares on the NASDAQ under the stock ticker BONT.