Nordstrom Inc. named Blake Nordstrom, Pete Nordstrom and Erik Nordstrom co-presidents of the corporation, in changes supporting its team approach to managing the business.
“It’s a title change more than a promotion. Their roles and responsibilities as well as their compensation will remain as they have been,” Enrique Hernandez Jr., chairman of Nordstrom Inc., told WWD.
Hernandez described the shared leadership structure and change in titles as being in step with Nordstrom’s multichannel approach to serving customers. Founded in 1901 as a shoe store in Seattle where the company is still based, the retailer operates 118 Nordstrom stores, 177 Nordstrom Racks, two Jeffrey boutiques, one clearance store, nordstrom.com, nordstromrack.com, HauteLook and Trunk Club.
The company continues to operate without a chief executive officer, which is atypical in the retail industry. “The three presidents ultimately report to the board. They’re not reporting to each other,” Hernandez said.
Blake, 54; Pete, 53, and Erik Nordstrom, 51, are brothers.
The chairman added that the brothers continue to serve on the board of directors, where they are engaged in long-range strategic plans. In addition, “They will continue to operate with clearly defined roles to deliver the company’s strategy focused on serving customers on their terms and optimizing shareholder value.”
In 2000, Blake was named president of Nordstrom Inc., supporting all business operations; Pete was named executive vice president of Nordstrom Inc. and president of merchandising and marketing, and Erik was named executive vice president of Nordstrom Inc., and president of stores. In 2014, Erik was named president of nordstrom.com.
Blake joined the board in 2005. A year later, Pete and Erik joined the board.
“We have evolved from a family business into a public corporation so we are really taking advantage of this wonderful legacy we’ve had with this team structure,” Hernandez said. The three Nordstroms “together have been involved in all major decisions.”
Jamie Nordstrom, a cousin, continues as executive vice president and president of stores.