Nordstrom Inc., (NYSE: JWN), has appointed Cathy Smith, a former Target Corp. executive as its new chief financial officer. She will begin her duties on May 29.
Smith was the Minneapolis retailer's chief financial officer from 2015 to 2020. She was most recently chief administrative officer and the CFO at Bright Health Group in Minneapolis, an insurance company.
Smith is replacing Anne Bramman at Nordstrom. Bramman left the company last December.
In a press release, CEO Erik Nordstrom stated that "Cathy is a well-respected and proven leader with over 30 years' experience in financial leadership." With her track record of delivering results for blue-chip brands and expertise in navigating a complicated retail environment, Erik Nordstrom said: "We're confident that Cathy will be an excellent member of our team and help us achieve our goals."
Smith's role will include financial planning, analysis, accounting and tax, as well as internal audit, treasury and investor relations. She will also be responsible for strategic sourcing, investor relations, and investor relations. Michael Maher, interim CFO of the retailer, will depart in June to "pursue other opportunities".
Smith has joined the Seattle-based luxury chain to help it stabilize its financial outlook in light of a national spending slowdown. The company will take revenue losses while it purges excess inventory and makes way for more profitable products. In a recent restructuring of the company's tech department, about 200 jobs were cut. The Canadian operation was also closed.
She said that keeping the customer at center stage of all business decisions was key to long-term success. "I am excited to work with the Nordstrom team, which is full of talented individuals, to drive growth and profit and deliver for our customer."
According to a federal filing Smith's salary base is $875,000. She also receives a $550,000 one-time cash bonus and a 125% annual target bonus.