NORDSTROM, INC. (NYSE:JWN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
24, 2016, Michael G. Koppel, Executive Vice President and Chief
Financial Officer (“CFO”), notified the Company that he intended
to retire as an officer and employee of the Company in spring
2017, with the exact date of his resignation to be determined by
mutual agreement. Mr. Koppel retired from his positions with the
Company on May 1, 2017.
with Mr. Koppel to provide post-retirement consulting and
advisory services to the Company in connection with the
development of the planned Manhattan flagship store (the
“Agreement”). The term of the Agreement is eight months,
beginning May 2, 2017. Mr. Koppel is entitled to receive the
total sum of $50,000 for services rendered, as well as reasonable
travel and other expenses incurred by him in rendering his
services.
interim basis. Mr. Nordstrom, age 56, is currently Co-President
and has served in this role since May 2015. Mr. Nordstrom
previously served as President of Nordstrom since 2000. Mr.
Nordstrom will continue to serve as Co-President while taking
over the Companys principal financial officer responsibilities
until June 1, 2017. No new compensation or severance arrangements
were entered into in connection with Mr. Nordstroms appointment
as interim CFO.
Nordstrom, Co-Presidents and directors of the Company. Blake
Nordstrom is the second cousin of James F. Nordstrom, Jr., as
Executive Vice President of the Company. The related party
transaction between Blake Nordstrom and the Company is disclosed
in the Companys proxy statement filed on April 5, 2017.
L. Bramman, age 49, as CFO of the Company commencing June 2,
2017. From 2015 to March 2017, Ms. Bramman served as Senior Vice
President and Chief Financial Officer of Avery Dennison
Corporation. While at Avery Dennison, she led its financial
strategy and operations, including the investor relations, tax,
treasury and information technology functions. From 2010 to 2015,
Ms. Bramman served as Senior Vice President and Chief Financial
Officer of the Carnival Cruise Line business of Carnival
Corporation. At Carnival, she was responsible for all facets of
its financial and accounting functions, as well as the
information technology and shoreside human resources departments.
annual base salary of $750,000 and will be eligible to receive
bonus compensation under the annual cash bonus plan for the
fiscal year 2017 previously approved by the Companys Compensation
Committee (the Committee) of the Board of Directors (Board) with
a target bonus of 90% of annual base salary for the current
fiscal year on a pro-rated basis. In addition, on May 1, 2017,
the Committee also determined to award restricted stock units
(RSUs) to Ms. Bramman, effective August 21, 2017, which is the
first open window trading period after her start date and
Committee approval. The number of RSUs to be awarded will have a
value equal to Ms. Brammans annual base salary and, upon vesting,
will entitle her to receive an equivalent number of shares of
Company Common Stock. Vesting occurs at a rate of one-third (1/3)
annually, beginning one year from the tenth day of the month
immediately following the date of grant.
approved by the Committee and filed as Exhibit 10.2 to the
Companys Current Report on Form 8-K filed with the SEC on
February 23, 2017. The number of RSUs actually granted to Ms.
Bramman is not determinable at this time. Once determinable, the
number of RSUs will be reported in an amendment to this Current
Report on Form 8-K.
benefits as may be offered from time to time to other similarly
situated employees including relocation assistance and
participation in the Companys 401(k) plan with Company match and
the Companys Employee Stock Purchase Plan.
director or executive officer of the Company, and she has no
direct or indirect material interest in any transaction required
to be disclosed to Item 404(a) of Regulation S-K.
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99.1
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Press release of Nordstrom, Inc., dated May 4, 2017.
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About NORDSTROM, INC. (NYSE:JWN)
Nordstrom, Inc. is a fashion specialty retailer in the United States. The company operates through two segments: Retail and Credit. The Retail segment includes approximately 115 Nordstrom branded full-line stores in the United States and Nordstrom.com, approximately 167 off-price Nordstrom Rack stores, two Canada full-line stores, Nordstromrack.com and HauteLook, and other retail channels, including five Trunk Club showrooms and TrunkClub.com, its two Jeffrey boutiques and one clearance store that operates under the name Last Chance. Credit segment includes its wholly owned federal savings bank, Nordstrom fsb, through which it provides a private label credit card, two Nordstrom VISA credit cards and a debit card. The Company operated 290 United States stores located in 38 states, as well as an e-commerce business through Nordstrom.com, Nordstromrack.com and HauteLook and TrunkClub.com, as of March 16, 2015. It also operates two Nordstrom full-line stores in Canada. NORDSTROM, INC. (NYSE:JWN) Recent Trading Information
NORDSTROM, INC. (NYSE:JWN) closed its last trading session down -0.50 at 49.14 with 3,113,093 shares trading hands.
