Nordstrom said on Tuesday that its CFO Anne Bramman is stepping down from her role, a position she has held since 2017.
According to Nordstrom, Bramman he will remain with the company through the reporting of Nordstrom’s third quarter 2022 financial results to “facilitate a smooth transition.” Her last day with the company will be Dec. 2, 2022.
Upon her departure, Michael Maher, Nordstrom’s SVP and chief accounting officer, will assume the role of interim CFO. Nordstrom said it has commenced an internal and external search process to identify a permanent CFO.
Erik Nordstrom, CEO of Nordstrom, Inc. said on Tuesday that Bramman’s leadership has been “vital” in helping the company in many areas, particularly navigating the numerous challenges of the last few year.
“As a result of Anne’s guidance through the pandemic, Nordstrom has the financial strength and flexibility to successfully manage through a changing environment,” Nordstrom said. “She also sponsored multiple strategic initiatives to improve profitability and develop capabilities to fuel our long-term growth. We wish her well as she takes this next step.”
“It has been a privilege to work alongside our leadership team and the many talented individuals throughout the company,” Bramman added. “With Nordstrom well positioned for success, I felt that this is the right time to transition to the next chapter in my career.”
In an interview with FN in September 2021, Bramman spoke about how Nordstrom’s conservative fiscal management has helped it weather many storms. “The company has managed itself very conservatively, fiscally,” Bramman said at the time. “In the last 120 years, it’s been through wars, depression, economic recession, a pandemic. So we take pride in making sure we can weather the storm out there. As a CFO, I really appreciate working for a company with that mindset.”
As for Maher, he joined Nordstrom in 2009 as controller and has more than 25 years of finance and accounting experience. As chief accounting officer, he is responsible for accounting, financial planning and analysis, business development, treasury and investor relations. Prior to his appointment as Nordstrom’s chief accounting officer in 2020, Maher served as SVP of finance from 2017 to 2020. From 2011 to 2017, he held various finance leadership roles for the Nordstrom business.
In August, Nordstrom reported second quarter earnings of $126 million, up from $80 million the same quarter last year. Net sales also increased 12% in the quarter to $3.99 billion, versus $3.57 billion in the same period last year.