Byron "Bud" Bergren's appointment takes effect immediately, the company said.
Bergren had served as chairman of Bon-Ton, a department store retailer with more than 271 locations, until June. Before becoming chairman in February 2012, he had been the department store chain's president and chief executive officer from 2002 to 2011, helping to streamline the company and cut costs. He also oversaw Bon-Ton's acquisition of SAKS-Northern Department Store Group. He served on the National Retail Federation's board from 2008 to 2012.
"The company is extremely fortunate to have the benefit of Bud's deep knowledge of the retail and apparel industries and his successful experience with acquisition integration," Robert N. Wildrick, Bank's chairman, said in the announcement.
Bergren, who qualifies as an independent director, will be an addition to the six-member board and paid a prorated annual retainer of $31,671 through the 2014 annual meeting. His term expires in 2016.
Bank, which is expected to announce second quarter earnings Thursday, has faced criticism from shareholders who have called for the company to return its growing cash reserve to shareholders, reorganize its board to add directors without company connections and drop a strategy of pursuing acquisitions.Copyright © 2015, The Baltimore Sun