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Nordstrom announced that Erik Nordstrom will be the sole chief executive officer of the company, ending an unconventional shared management structure in which Erik and his two brothers all held the co-president title. Leadership of the company, which has had only one non-family member in the CEO role since its founding in 1901, will remain in the hands of the Nordstrom family.
Peter Nordstrom will become president and chief brand officer. Both brothers will remain on the company’s board of directors. The third brother, Blake, who had been co-president and served in more of a chief executive role in recent years, died last year of lymphoma.
“These titles help clarify our respective roles, as we strive to maximize our impact both as individual leaders and as a team,” Erik Nordstrom said in a statement. “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.”
The company also said that two directors, Kevin Turner who is the CEO of Core Scientific and Gordon Smith who is the chief operating officer of JPMorgan Chase & Co., won’t seek re-election to the board at Nordstrom’s annual meeting in May. Additionally, the board announced that the size of the board will be reduced from 11 to 10 members over the next two years, and they plan to establish a 10-year term limit for independent directors.