Nordstrom Co-Chair To Retire Next Month
Sat., Aug. 31, 1996
For the first time in its modern era, Nordstrom will be led by a single chairman. But analysts do not believe the move will dramatically change the way the Seattle retailer, known for management by committee, does business.
Raymond Johnson, 55, one of Nordstrom’s two co-chairmen, announced Thursday that he will retire Sept. 6, a little more than a year after taking office. He will remain on the board.
The move leaves John Whitacre, 43, the sole chairman, overseeing a management team that now includes six co-presidents, all members of the Nordstrom family’s fourth generation.
Whitacre, at Nordstrom’s new store in Denver, which had its grand opening Friday, said the company would not change its strategic plans nor its management structure as a result of the move.
“This is a process that works extremely well,” he said.
Company officials said the board knew that Johnson was thinking of retiring once he turned 55 - the age at which Nordstrom officers are eligible for retirement benefits - when they elevated him and Whitacre to the chairman’s office last June.
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