After a decade of rapid growth, the ruling family at retailer Nordstrom has decided the company needs more depth and diversity in its top management. At its annual meeting on May 20, Nordstrom announced the appointment of four people to the newly created office of the president. None of the new co-presidents is a member of the Nordstrom family, which owns roughly 40% of the company's stock. One new co-president, Galen Jefferson, is the first woman to be appointed to Nordstrom's executive management team.
To make things even more confusing, the four co-presidents will report to four people who currently share the office of the co-chairman. All four co-chairmen are members of the Nordstrom family.