FOR IMMEDIATE RELEASE CONTACT: Brooke White
February 17, 2000 Nordstrom Inc.
(206) 373-3030
NORDSTROM REORGANIZES EXECUTIVE TEAM
SEATTLE - (February 17, 2000) - Nordstrom Inc. (NYSE: JWN) announced the reorganization of the company?s executive team to more effectively meet changing needs within its business. Following the 1999 restructure of the company into five separate business units, Chief Executive Officer and Chairman John Whitacre received board approval yesterday to eliminate the office of the co-presidency and to appoint presidents for each business unit.
Appointed to those positions are: Gail Cottle, president, Nordstrom Product Group; Kevin Knight, president, Nordstrom Credit Group; Blake Nordstrom, president, Nordstrom Rack Group; and Marty Wikstrom, president, Full Line Store Group. Dan Nordstrom relinquished his responsibilities as co-president and continues as CEO and president of Nordstrom.com, a subsidiary of the company.
Former co-presidents Erik Nordstrom and Pete Nordstrom will take on new responsibilities, while Bill Nordstrom, executive vice president, East Coast general manager, began his new role in May 1999. Erik Nordstrom, executive vice president, Northwest general manager and Pete Nordstrom, executive vice president, director of full line store merchandising strategy for children?s apparel, cosmetics, junior apparel, lingerie, men?s apparel, and women?s active sportswear, assumed their new roles today.
?These changes are about aligning the talents of our top executives in significant roles to impact our long-term performance,? said John Whitacre, Nordstrom chief executive officer and chairman.
Whitacre stated that the focus on the business unit organization made it clear to him that he was under-utilizing the company?s co-presidents. The role of the co-presidency had become less meaningful and therefore less important to the company?s success. ?Within the new structure, business units are more independent from the corporate center, thus requiring less corporate center leadership overall,? said Whitacre. ?Over the last year, the co-presidents increasingly acted in an advisory capacity; I believe all executives now have meaningful leadership positions where they can directly and positively impact company results.?
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Nordstrom Reorganizes Executive Team 2/2/2
The five business units are the Nordstrom full line store group, Nordstrom Rack group, Nordstrom Product Group, Nordstrom Credit Group and Nordstrom.com. Each business unit develops its own strategy and assumes responsibility for its performance. The corporate center provides support functions to all business units and to the company as a whole.
Previous responsibilities for each co-president were: Bill Nordstrom, finance, real estate and store planning; Blake Nordstrom, Nordstrom Rack and Nordstrom Credit Group; Dan Nordstrom, direct sales division and business and information technology; Erik Nordstrom, Nordstrom Product Group; and Pete Nordstrom, human resources, diversity affairs and brand marketing.
Former co-president Jim Nordstrom retired from the company on February 4, 2000, to pursue his interest in engaging in new business opportunities, specifically with internet start-up ventures. Jim Nordstrom was responsible for the full line store group prior to his departure.
Previous responsibilities for the new presidents were: Gail Cottle, executive vice president, Nordstrom Product Group and Marty Wikstrom, executive vice president, full line store group.
Nordstrom Inc is one of the nation?s leading fashion specialty retailers with 104 stores in 23 states, including 71 full line stores, 27 Nordstrom Racks, three Faconnable boutiques, two free-standing shoe stores, and one clearance store. The company also seeks to serve customers through its online presence at nordstrom.com as well its direct mail catalogs. |
