NEW YORK — Nordstrom Inc. has promoted Jim Bromley to president of its catalog and Internet division.
Additionally, the unit, formerly known as Nordstrom.com, will be renamed Nordstrom Direct on Aug. 2, when it becomes a wholly owned subsidiary of the firm with responsibility for management of its e-commerce site, Nordstrom.com, and its two direct mail catalogs, Lifestyle and Nordstrom Delivered.
Bromley, who had been executive vice president and chief financial officer of the unit, succeeds Ray Johnson. As reported, Johnson had served as Nordstrom.com’s interim president and chief executive since last month when Dan Nordstrom resigned as its CEO and Mike Smith relinquished its presidency. Johnson, former co-chairman of the firm, will now resume his retirement.
Bromley, 38, joined Nordstrom in 2000 following finance and investment banking experience at firms including McDonald Investments, Din Rauscher and Credit Suisse First Boston. He reports to Blake Nordstrom, president of Nordstrom Inc.
The Seattle-based retail firm bought out Nordstrom.com’s minority shareholders, Benchmark Capital and Madrona Investments, in May, putting it directly under Nordstrom’s control. Nordstrom plans a $55 million to $65 million charge to earnings to cover the purchase of the minority stake. Some of this amount will be reflected in a restatement of first-quarter earnings while the remainder will be charged against the current second quarter.
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