Nordstrom Finance Chief Anne Bramman to Step Down

After five years in the role, Nordstrom Chief Financial Officer Anne Bramman will resign in December, the luxury department store chain announced Monday (Oct. 17).

“As a result of Anne’s guidance through the pandemic, Nordstrom has the financial strength and flexibility to successfully manage through a changing environment,” CEO Erik Nordstrom said in a news release.

Bramman will be replaced, at least in the interim, by Michael Maher, Nordstrom’s senior vice president and chief accounting officer, until a permanent CFO is named, the release stated.

Bramman will remain in her job until Dec. 2, long enough to be there for the reporting of the company’s third-quarter financial results. Nordstrom said in the Monday release it is reaffirming its financial outlook for the quarter it released in August.

At the time, the company noted that macroeconomic pressures had taken a toll on lower-income shoppers. While net sales rose 12% during the quarter, they began slowing in late June, particularly among lower-income consumers.

Read more: Nordstrom Reports Lower-Income Consumers Dialing Back on Spending

“While our quarterly results were consistent with our previous outlook, customer traffic and demand decelerated significantly beginning in late June, predominantly at Nordstrom Rack,” Erik Nordstrom said at the time.

Earlier in the year, the company saw its stock soar over 30% after reporting better-than-anticipated Q4 results, which were led by improved conditions at its Rack unit, where revenues rose 23%.

See more: Nordstrom Gets Huge Bounce From Gains at Off-Price Unit and Digital

Last month, the parent company of Mexican chain Liverpool bought a 9.9% passive stake in Nordstrom for 5.9 billion pesos (about $295 million). The company said the acquisition “represents an attractive opportunity to diversify assets geographically.”

Read more: Mexican Department Store Liverpool Buys 9.9% Stake in Nordstrom

Liverpool owns 122 stores across Mexico, with departments that include technology, apparel, housewares, furniture and cosmetics.

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