Shares of regional department store operator Bon-Ton Stores
Executive defections are often big news, especially when they're unexpected or unplanned. We've covered such stories in the past: In June, Drugstore.com
That's not what's going on here, however. Outgoing Bon-Ton CEO Tim Grumbacher, who's also the company's chairman, announced his plans to step down last November. "Bud" Bergren, meanwhile, used to run Elder-Beerman, which Bon-Ton acquired last October. (Grumbacher will remain chairman, while Bergren will join the board.) In short, the succession looks logical and reflects a plan put in place months ago.
Sometimes things happen that can't be avoided. The importance of succession planning came to the forefront earlier this year when McDonald's
The best-laid plans, and all that.... Well, no plan is impermeable. But the pain and adjustment of executive succession is something that can be mitigated somewhat with careful planning. Lowe's
Fool contributor Dave Marino-Nachison doesn't own any companies in this story.