Nordstrom Chief Financial Officer Mike Koppel plans to retire next year.
He will remain in his role, which he has held since 2001, through the spring of 2017 to support the search for a new CFO and assist with his successor’s transition, the company announced Monday.
Nordstrom is launching an external search to find Koppel’s replacement.
“We are extremely grateful for all of the contributions Mike has made over his 17 years as a leader at Nordstrom,” Blake Nordstrom, co-president of Nordstrom, said in a statement. “Mike has played an integral role in our company’s story, helping guide us through significant periods of expansion, growth and investment. He has provided our company with tremendous knowledge and strategic financial expertise that has always been grounded with an unwavering focus on taking care of the customer. He will be sorely missed and we wish him the absolute best in his well-deserved retirement.”
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Koppel joined Nordstrom in 1999 and was the vice president and corporate controller before taking over as CFO. A Nordstrom spokesperson said he is retiring to spend more time with family.
As CFO, Koppel has been overseeing the company’s work to try to balance online and in-store sales.
Nordstrom has struggled in those efforts recently. The company’s focus on e-commerce in recent years has resulted in dramatic growth but gouged the company’s bottom line.
In March Nordstrom confirmed it laid off 131 people from its technology team as part of its effort to reorganize the company’s operating model. That includes cutting $150 million and 400 other positions as the company struggles to turn its technology investments into profits.
Date: October 24, 2016