Nordstrom Is Latest Retailer to Change CFOs

By Joann S. Lublin and Suzanne Kapner Features Dow Jones Newswires

Nordstrom Inc. has hired Anne Bramman as chief financial officer, filling a role that was vacated when its former CFO retired earlier this month.

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Ms. Bramman, 49 years old, announced her resignation from Avery Dennison Corp., a maker of adhesive technologies and packaging materials, in March after two years on the job. Before that, she worked in the cruise industry for Carnival Corp., and at retailer L Brands Inc., where she was CFO of its Henri Bendel unit from 2008 to 2010.

Nordstrom joins a number of retailers that have recently filled or are looking to fill top finance jobs. Kohl's Corp. is conducting a search after its longtime finance chief said he would retire no later than July. Michael Kors Holdings Ltd. recently appointed a new CFO, following the retirement of its finance chief, who had held the job for 13 years.

Late last year, clothing chain Gap Inc. said a newly hired finance chief would start in mid-January. And Coach Inc. named a new CFO in January, after its finance chief was wooed away by Ralph Lauren Corp.

Nordstrom's former CFO, Mike Koppel, retired May 1 after 16 years with the company. He will continue to serve as an adviser through the end of the year.

Like other retailers, Nordstrom has been struggling to adapt to changing consumer behavior as more shopping shifts online. The company has weathered the changes better than some peers, in part because it moved quickly to buy digital startups such as Trunk Club and expand its off-price chain called Nordstrom Rack.

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Nevertheless, profits tumbled 41% to $354 million for the financial year ended in January, while sales inched up nearly 3% to $14.5 billion. Through Wednesday's close, Nordstrom's shares are up 3.6% so far this year.

Write to Joann S. Lublin at joann.lublin@wsj.com and Suzanne Kapner at Suzanne.Kapner@wsj.com

(END) Dow Jones Newswires

May 04, 2017 07:14 ET (11:14 GMT)