Nordstrom has announced the appointment of a CEO as it moves away from its co-president structure.
The retailer announced in its fourth quarter and fiscal year results that Erik Nordstrom will now serve as the sole CEO of the family company.
Pete Nordstrom, Erik’s brother who formerly held the co-president title with him, will now serve as president of Nordstrom Inc. and chief brand officer.
Both Erik and Pete will continue to serve on Nordstrom’s board of directors.
The two joined their late brother Blake as co-presidents in 2015. Blake passed away in January 2019 after battling cancer.
Erik Nordstrom stated: “These titles help clarify our respective roles, as we strive to maximize our impact both as individual leaders and as a team. Pete and I continue to be partners in ensuring Nordstrom’s success, and we are both focused on executing our long-term plan. We look forward to continue working with our Board to deliver on our shared vision for the future of Nordstrom.”
In its full year results, the company said net earnings were down 12 percent to $496 million compared with $564 million in fiscal 2018.
Net sales in its full-price division decreased nearly 4 percent during the year while its off-price was basically flat in net sales.
Credit: nationaljeweler.com By: By Brecken Branstrator
