NEW YORK — Nordstrom Inc. has one more subsidiary but one less family member in the business.
This story first appeared in the June 11, 2002 issue of WWD. Subscribe Today.
The firm said late Monday that Dan Nordstrom has resigned as chief executive of Nordstrom.com and Mike Smith has relinquished his post as president of the unit. Ray Johnson, co-chairman of Nordstrom, will serve as interim president and ceo of the unit.
Nordstrom Inc. bought out Nordstrom.com’s minority shareholders Benchmark Capital and Madrona Investments in May, making it a directly controlled subsidiary of Nordstrom. The Seattle-based retailer intends to restate first-quarter earnings to reflect the $55 million to $65 million charge taken against the purchase of the stake in Nordstrom.com that it didn’t previously own. Amounts not applied against first-quarter earnings will be charged against the current second quarter.
Dan Nordstrom joins his brother Bill, formerly executive vice president and general manager of East Coast operations, among the descendants of their great-grandfather, founder John Nordstrom, to leave the firm in recent years. Earlier, cousin Jim Nordstrom, previously co-president of full-line stores, left for a new career in start-up technology firms.
Family members still in high positions are Bruce Nordstrom, chairman; Blake Nordstrom, president; Pete Nordstrom, president of full-line stores, and Eric Nordstrom, executive vice president of full-line stores.”