Seattle -- Nordstrom may well be the first public company to have three presidents as co-presidents. The department store retailer on Tuesday announced that Blake Nordstrom, Pete Nordstrom and Erik Nordstrom have been named co-presidents of Nordstrom.
The new titles are, to a large extent, symbolic. The three executives will retain their current roles and responsibilities and will continue to serve on the Nordstrom board. There will be no change to their annual compensation.
"Blake, Pete, and Erik have supported the business as a team for many years, leading the executive team and company, and together have been involved in all major decisions. This shared leadership structure reinforces their approach to leading Nordstrom," said Enrique Hernandez, Jr., chairman, Nordstrom.
In 2000, Blake Nordstrom was named president, Nordstrom, Inc. supporting all business operations; Pete Nordstrom was named executive vice president, Nordstrom, Inc. and president of merchandising and marketing; and Erik Nordstrom was named executive vice president, Nordstrom, Inc. and president of stores. In 2014, Erik Nordstrom was named executive vice president, Nordstrom, Inc. and president of Nordstrom.com.