Nordstrom Names a New CFO
Cathy R. Smith has an extensive background, holding senior-level financial positions at major companies.
Nordstrom Inc. has appointed Cathy R. Smith chief financial officer, succeeding Michael Maher, who has been serving as interim CFO.
Smith starts her new job on May 23. Maher has informed the company that he is leaving Nordstrom to pursue other opportunities but will remain with the company through June 16 to help in the transition.
Smith joins Nordstrom from Bright Health Group, where she has served as chief financial and administrative officer since 2020. At the Seattle-based Nordstrom, she will be responsible for financial planning and analysis, accounting, tax, internal audit, treasury, investor relations and strategic sourcing.
"Cathy is a proven and well-respected leader with more than 30 years of financial leadership experience,” Erik Nordstrom, chief executive officer of Nordstrom Inc., said in a statement Wednesday. “With her impressive record delivering business results at blue chip brands and deep expertise navigating a complex retail environment, we're confident she will be an excellent addition to our team and will help us achieve our growth priorities.”
"Nordstrom is an iconic brand with a relentless focus on customers,” Smith said. “Keeping the customer at the center of business decisions is key for long-term success."
Prior to Bright Health, Smith worked as the CFO for Target Corp. for five years. During that time, Target achieved double-digit revenue and EPS growth. Before Target, Smith served as CFO for Express Scripts, Walmart International, Gamestop, Centex, Kennametal, Textron and Raytheon. She currently serves on the board of directors at PPG Industries and Baxter International.
In its statement, Nordstrom indicated that Maher joined the company in 2009 and has been instrumental in guiding the retailer through periods of transformation, including the company's shift from a storecentric financial model to an omnichannel one, and leading critical finance initiatives throughout and following the pandemic.
Nordstrom added, “I'd like to thank Michael for his exceptional leadership in serving as interim CFO during the transition period and for his many contributions to our finance organization and business throughout his tenure. He has been a trusted partner and we are sad to see him go.”