© Reuters. FILE PHOTO: Anne Bramman, CFO of Nordstrom rings the opening bell at the New York Stock Exchange (NYSE) in New York, U.S., October 22, 2019. REUTERS/Brendan McDermid
(Reuters) – Nordstrom Inc (NYSE:) Chief Financial Officer Anne Bramman will step down in December, the U.S. upscale retailer said on Monday, a month after the company adopted a “poison pill” to prevent investors from amassing 10% or more of its shares.
Poison pills make a takeover more expensive or difficult by allowing existing shareholders to buy shares at a discount, diluting a suitor’s ownership stake.
The company has launched the search for a new finance chief, while Michael Maher, Nordstrom’s senior vice president and chief accounting officer, will assume the role of interim CFO.
The retailer reaffirmed its fiscal year outlook on Monday after cutting its annual earnings forecast in August, alongside U.S. retailer Macy’s (NYSE:) and Kohl’s Corp (NYSE:).
Last month, Nordstrom adopted a “poison pill” after Mexican peer Liverpool disclosed a 9.9% passive stake in the luxury department store chain.