The Bon-Ton Stores Inc. announced today it has named William Tracy chief operating officer, effective July 27.
Tracy, 61, previously served as executive vice president-supply chain, logistics & omni channel fulfillment, and global sourcing at Hudson’s Bay Co. He worked at Hudson’s Bay for about four years. Tracy has 30 years of retail experience, also having worked as chief operating officer at Fortunoff and Nine West Corp., and in several leadership roles at Lord & Taylor and Abraham & Straus Department Stores. He holds a bachelor’s from Adelphi University.
The retailer, which has dual headquarters in Milwaukee and York, Pa., entered an offer letter with Tracy on July 6 that does not have a term of employment and includes a $650,000 base salary, as well as a restricted stock agreement with a long-term incentive, a $230,000 signing bonus, equity-based compensation beginning next year, and up to $50,000 in commuting reimbursement per year.
Tracy will report to Kathryn Bufano, who joined Bon-Ton as chief executive officer last year and has been working to turn the struggling retailer around. The company has not turned an annual profit since 2010, and reported a fiscal first quarter loss of $34.1 million. Earlier this month, it sold its Boston Store properties at Mayfair Mall in Wauwatosa, Bayshore Town Center in Glendale and Southridge Mall in Greendale and will lease them back as a tenant.
Barbara Schrantz previously served as COO. She worked at Bon-Ton for 10 years and was promoted to the position in January 2011, before the position was eliminated and she was terminated in September 2012.
Another key management position is also in flux. Keith Plowman has served as senior vice president and chief financial officer since May 2005, and announced in January that he will retire in August. Plowman will consult for Bon-Ton for 18 months.
