Nordstrom on the hunt for new finance head

The CFO of Nordstrom is stepping down.

The department retailer said that Anne Bramman is leaving the company. Bramman, who has served as Nordstrom’s finance chief since June 2017, will remain until after the company reports third-quarter results in November. Her last day will be Dec. 2.

Michael Maher, Nordstrom’s senior VP and chief accounting officer, will assume the role of interim CFO upon Bramman’s departure. Nordstrom said it has started an internal and external search for a permanent replacement.

“Anne's leadership has been vital in helping us in many areas, particularly navigating the numerous challenges of the last few years," said Erik Nordstrom, chief executive officer of Nordstrom. "As a result of Anne's guidance through the pandemic, Nordstrom has the financial strength and flexibility to successfully manage through a changing environment. She also sponsored multiple strategic initiatives to improve profitability and develop capabilities to fuel our long-term growth. Anne has elevated the finance organization through her commitment to excellence and talent development. We wish her well as she takes this next step."

Maher joined Nordstrom in 2009 as controller. Prior to his appointment as Nordstrom's chief accounting officer in 2020, he served as senior VP, finance from 2017 to 2020. From 2011 to 2017, Maher held various finance leadership roles for the Nordstrom business.

We are fortunate to have a deep bench of talented leaders at Nordstrom," Nordstrom added. "Michael's knowledge of the Nordstrom business and more than two decades of related experience will support the continued execution of our financial priorities as we conduct a search for our next CFO."

The company is reaffirming its fiscal year 2022 financial outlook that was previously provided on August 23, 2022.

Nordstrom posted strong results in its most recent quarter amid continued spending by higher-income shoppers. In September, the company adopted a shareholder rights plan, also known as a "poison pill," to prevent investors from amassing 10% or more of its shares. The move comes days after news broke that Mexican retailer Liverpool had acquired a 9.9% stake in Nordstrom, making it the company’s second biggest shareholder.