Nordstrom said it is changing its leadership structure to retire its co-presidency, and is naming Erik Nordstrom as its sole CEO. Peter Nordstrom was named President and Chief Brand Officer. This puts an end to an unusual shared management structure and keeps the retailer's leadership in the hands of the founding family. The new titles reflect their current and ongoing responsibilities, and both Erik and Pete Nordstrom will remain on the company's board of directors. Additionally, the board has announced planned changes designed to enhance its corporate governance. This will include reducing the maximum size of the board from 11 to 10 over the next two years and introducing a 10-year term limit for independent directors.

The company announced the changes as it reported fourth-quarter earnings and sales that missed analysts' estimates.