Nordstrom, Inc. chief financial officer Anne Bramman has informed the company of her intention to step down from her role.
The company said in a release that she will remain with the company through the reporting of Nordstrom's third quarter financial results to facilitate a smooth transition. Her last day with the company will be December 2, 2022.
Michael Maher, Nordstrom's senior vice president and chief accounting officer, will assume the role of interim CFO upon Bramman's departure.
"Anne is an outstanding CFO. Since she was named CFO in 2017, 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, Inc.
Michael Maher to serve as Nordstrom’s interim CFO
The company added that Interim CFO Maher joined Nordstrom in 2009 as controller and has more than 25 years of finance and accounting experience. As chief accounting officer, he is responsible for accounting, financial planning and analysis, business development, treasury and investor relations.
Prior to his appointment as Nordstrom's chief accounting officer in 2020, Maher served as senior vice president, finance from 2017 to 2020. From 2011 to 2017, he held various finance leadership roles for the Nordstrom business.
"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," Erik Nordstrom further said.
“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," Erik Nordstrom added.
Commenting on her decision to step down, Bramman said: "With Nordstrom well positioned for success, I felt that this is the right time to transition to the next chapter in my career."
Nordstrom reaffirms outlook
The company is reaffirming its fiscal year 2022 financial outlook that was previously provided on August 23, 2022.
Nordstrom expects total sales to increase in the range of 5 to 7 percent, ebit margin as percent of sales is expected to range between 4.5 to 4.9 percent, while adjusted ebit margin is expected to be between 4.3 to 4.7 percent.
Earnings per share are forecasted to range between 2.45 to 2.75 dollars and adjusted EPS is expected to be between 2.30 to 2.60 dollars.