Nordstrom has announced the appointment of Cathy R Smith as chief financial officer, effective May 29, 2023. Smith joins Nordstrom from Bright Health Group where she has served as chief financial and administrative officer since 2020. In this role, Smith will be responsible for financial planning and analysis, accounting, tax, internal audit, treasury, investor relations and strategic sourcing."Cathy is a proven and well-respected leader with more than 30 years of financial leadership experience," said Erik Nordstrom, chief executive officer of Nordstrom. "With her impressive record delivering business results at blue chip brands and deep expertise navigating a complex retail environment, we're confident she will be an excellent addition to our team and will help us achieve our growth priorities."
Nordstrom, a leading fashion retailer in the United States, has revealed the selection of Cathy R Smith as their new chief financial officer, with her official start date slated for May 29, 2023.
Smith comes with a wealth of experience, having previously held the position of chief financial and administrative officer at Bright Health Group since 2020.
"Nordstrom is an iconic brand with a relentless focus on customers," said Smith. "Keeping the customer at the center of business decisions is the key for long-term success. I look forward to working alongside the talented Nordstrom team to drive growth and profitability and to deliver for our customers."
Prior to Bright Health, Smith worked as the chief financial officer for Target Corporation for five years. During that time, Target achieved double-digit revenue and EPS growth. Before Target, Smith served as CFO for public companies Express Scripts, Walmart International, Gamestop, Centex, Kennametal, Textron and Raytheon, the company said in a press release.
She currently serves on the boards of directors at PPG Industries and Baxter International. Previously, Smith served as a director for Dick's Sporting Goods. Smith received an MBA from the University of Southern California and a bachelor's degree in business economics from the University of California, Santa Barbara.
Nordstrom also announced that Michael Maher, interim CFO, has informed the company that he will be leaving Nordstrom to pursue other opportunities. He will remain with the company through June 16 to help facilitate a smooth transition.
Maher joined Nordstrom in 2009 and has been instrumental in guiding the company through periods of transformation, including the company's shift from a store-centric financial model to an omni-channel one, and leading critical finance initiatives throughout and following the pandemic.
"I'd like to thank Michael for his exceptional leadership in serving as interim CFO during the transition period and for his many contributions to our finance organisation and business throughout his tenure. He has been a trusted partner and we are sad to see him go,” Nordstrom added.
Fibre2Fashion News Desk (RR)
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