Nordstrom.com’s CEO and president resign
Nordstrom.com CEO Dan Nordstrom and President Mike Smith have resigned, Nordstrom Inc. reports. Nordstrom.com operates the company’s catalog and Internet division.
The resignation comes less than two weeks after Nordstrom bought out the minority venture investors of Nordstrom.com, Benchmark Capital and Madrona Investments, on May 31. The company says the purchase makes the catalog and Internet business a directly controlled subsidiary of Nordstrom Inc. and no longer a candidate to become an independent company.
"I believe Nordstrom.com is well-positioned for continued growth, particularly as our web site site continues to solidify its position as the clear leader in branded fashion apparel online," Dan Nordstrom said in a statement that accompanied the announcement of his resignation. "As Nordstrom.com is recombined within Nordstrom Inc. and its tremendous resources, I feel like this is the right time for me to leave to seek opportunities where I can utilize my entrepreneurial instincts. This has been a difficult decision for me as I am immensely proud of the Nordstrom.com team and all that we’ve accomplished."
Dan Nordstrom was named general manager of direct sales in 1993, establishing the company’s catalog business. He was named co-president of Nordstrom Inc. in 1995. In 1999, he was named CEO of Nordstrom.com when the direct sales division became a partially-owned subsidiary of Nordstrom.
Mike Smith was named a Nordstrom.com board member in 1999. In November 2000, Smith joined the management team supporting day to day operations of the company. He was formerly president and CEO of Lands’ End.
Ray Johnson, who worked for Nordstrom Inc. for 27 years before retiring in 1996 as co-chairman, will run Nordstrom.com until a new president is named.
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