Nordstrom Announces Expansion of Executive Team

Business Wire, June 19, 1995

SEATTLE--(BUSINESS WIRE)--June 19, 1995--Citing expanding business opportunities and following a 94-year tradition of family participation, Nordstrom, Inc. (NASDAQ:NOBE) today announced the promotion of former Co-Presidents Ray Johnson and John Whitacre to co-chairmen and the appointment of six new co-presidents: Bill Nordstrom, Blake Nordstrom, Dan Nordstrom, Erik Nordstrom, Jim A. Nordstrom and Pete Nordstrom.

Outgoing co-chairmen and third generation family members, Jack McMillan, Bruce Nordstrom, Jim Nordstrom and John Nordstrom will remain active on the company's board of directors, providing overall guidance for the fashion specialty retailer. The four also will continue as the board's executive committee with Jim Nordstrom acting as chairman. The six new co-presidents are fourth generation Nordstrom family members and have been with the company in sales, merchandising and management positions.

Speaking on behalf of the four outgoing co-chairmen, John Nordstrom stated, "The leadership and dedication of Ray Johnson and John Whitacre as co-presidents has been essential to our company's success over the past four years. We can't think of anyone else we'd want to fill our shoes as co-chairmen." He also noted, "You're not going to see a change in the basic nuts and bolts of the way Nordstrom does business -- things such as our commitment to service, quality, value and selection. We're looking forward to a new energy from this team of co-chairmen and co-presidents. And that's exciting for our company."

The larger co-presidency will allow Nordstrom to increase its focus on its growing apparel, private label, catalog and off-price retail divisions as well as give better support to the company's 13 regions by providing more executive presence in the stores. "This expanded executive structure allows Nordstrom to continue its aggressive expansion schedule into the 21st century," said new Co-Chairman Ray Johnson.

Incoming Co-Chairmen Johnson and Whitacre will remain active in the operations of the company as well as provide guidance to the co-presidency. The six new co-presidents will be primarily responsible for Nordstrom's day-to-day sales and operations functions.

New Co-Chairman John Whitacre said, "Nordstrom has a long history of family participation and we are fortunate to be able to continue this tradition with such talented individuals. These new co-presidents started like most of our employees, in the stock rooms and on the sales floor." He added, "They have worked for the company an average of 17 years in a variety of management positions and are well-prepared to step into the co-presidency."

John Nordstrom's son Jim A. Nordstrom will be responsible for women's better apparel, including Collectors, Gallery and Savvy, as well as Women's Activewear, Individualist, Petites and Studio 121. He also will oversee the Faconnable division, real estate and store planning. Jim started as a stock person, later selling shoes and men's sportwear in various stores. After several department manager and buyer positions, Jim was promoted to manager of the La Jolla, Calif., store in 1988 and in 1989 to the Sacramento, Calif., store. In 1991, he was appointed vice president and general manager for Northern California.

Jim Nordstrom's son Dan Nordstrom will oversee the direct sales, men's furnishings, clothing and sportswear divisions as well as data processing, finance, the inventory management system and investor relations. Dan started with the company as a stock person and later in sales at the Bellevue, Wash., store. After receiving his master's degree in business administration, he returned to Nordstrom in 1988 in Men's Shoes and later became Men's Shoes buyer for the Southcenter store in Seattle, Wash. He was appointed store manager of the Riverside, Calif., store in 1991, and the La Jolla, Calif., store in 1992, returning to Seattle in 1993 to launch the company's direct sales division.

His brother Bill Nordstrom will oversee the cosmetics, gifts and fashion accessories areas, which includes handbags and jewelry, as well as corporate expense/budgets, restaurants and catering. His experience includes stock and sales in various departments as well as management and buying positions in Men's Shoes. In 1987 he was appointed store manager of the Spokane, Wash., store and later managed the Northgate Mall store in Seattle, Wash., and the Menlo Park, N.J., store before returning to Seattle as corporate merchandise manager of the Rack division in 1993. He was named corporate merchandise manager for women's fashion accessories in 1995.

Bruce Nordstrom's oldest son Blake Nordstrom will oversee women's, men's and children's shoes and the Rack, Nordstrom's off-price retail division, as well as company operations. He began as a stock person in the downtown Seattle store and worked his way through various sales positions in Women's Shoes before he became buyer for Brass Plum Shoes at the Bellevue, Wash., store. After several Women's and Salon Shoes buying positions, he was named Women's Shoes merchandise manager for all Rack and Place Two stores and the Alaska region. He was named Women's Shoes merchandise manager for Washington and Alaska in 1988 and in 1989 was named manager of the San Mateo, Calif., Nordstrom. He became manager of the downtown Seattle store in 1990 and was named vice president and general manager of Washington and Alaska in 1991.