Nordstrom Board authorizes $1bn share repurchase program
24 May '06
3 min read
Rick Hernandez, a nine-year independent director, and lead director of the board since 2000, takes on the role of non-executive chairman upon Bruce Nordstrom's retirement. "After serving as lead director, we feel it's a natural transition to have Rick Hernandez take on this new assignment," said Bruce Nordstrom, former Chairman of the board of directors. "Blake continues to lead our company as President."
Along with Bruce and John's retirement, Alfred Osborne, Director of the Harold Price Center for Entrepreneurial Studies and senior associate dean at the Anderson Graduate School of Management at UCLA, also retired after serving 19 years on the board.
In addition to the election of the board members, the shareholders approved two more proposals including an amendment to the employee stock purchase plan and confirmation of the company's independent registered public accounting firm Deloitte & Touche.
Nordstrom Inc is one of the nation's leading fashion specialty retailers, with 156 US stores located in 27 states. Founded in 1901 as a shoe store in Seattle, it operates 99 Full-Line Stores, 49 Nordstrom Racks, five Faconnable boutiques, one freestanding shoe store and two clearance stores. It also operates 34 Faconnable boutiques in Europe.
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