Regional department store retailer The Bon-Ton Stores Inc is searching for a new chief executive officer after Bud Bergren said he was planning to retire.

Bergren will become chairman of the board of directors when a new CEO is hired. At the same time, Tim Grumbacher will step down as executive chairman and remain a member of the board, continuing his focus on the strategic long-term direction of the company.

Bergren has been president and CEO of Bon-Ton since August 2004, joining the company in conjunction with itss acquisition of The Elder-Beerman Stores Corp, where he was president and CEO.

"Bud has been instrumental in growing the company," said Grumbacher. "The board of directors and I are thrilled Bud has decided to continue to work with the company as chairman of our board of directors.

The Bon-Ton Stores operates 276 department stores under the Bon-Ton, Bergner's, Boston Store, Carson Pirie Scott, Elder-Beerman, Herberger's and Younkers nameplates.