- Significant signs for push-out forces
- After almost 16 years on the job
- Laud, praise, thanks, regret and good wishes for him
- Search for a successor
(management-change.com) — Seattle, Washington, October 24, 2016 — Mike Koppel, finance chief of Nordstrom, leaves. As announced by Nordstrom, Inc. in a news release on Monday, October 24, 2016, Michael G. (Mike) Koppel leaves the post as Chief Financial Officer at the fashion specialty retailer in a surprising move after almost 16 years on the job, effective in spring 2017.
It is the end of an era.
Nordstrom will undertake a search for a successor.
No reason given
In the announcement, Nordstrom did not explicitly explain the reason for Koppel’s move, opening the door for speculation.
“Plans to retire”
Nordstrom said: Koppel “has shared his plans to retire from the company in spring 2017”.
Precise information about the future plans of Koppel was not immediately available.
Share price decline
The change follows a decline in the share price of Nordstrom, Inc. since March 2015.
On the job as CFO since 2001
Koppel came to Nordstrom in 1999 as vice president and corporate controller and has been the company’s Chief Financial Officer since May 2001.
Prior to joining Nordstrom, Koppel was chief operating officer of CML Group where he oversaw the sale of its subsidiaries, Nordic Track and Smith & Hawken.
From 1997 to 1998, Koppel was chief financial officer at LIDS Corporation and executed a 200 store expansion plan over two years.
Koppel holds a bachelor’s degree in accounting from the University of Connecticut.
Generally speaking, when a top manager announces to step down with no successor available, it is a signal that the move was unplanned and too early.
Significant signs for push-out forces
It is not completely certain what forces eventually triggered Mike Koppel’s move.
The Push-out Score™ determined by management-change.com suggests significant signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 40.2016 ($).