What: The Seattle-based department store has appointed Cathy Smith to succeed Michael Maher as chief financial officer.

Why it is important: With her extensive financial leadership, Smith is expected to help the retailer achieve its growth priorities.

Cathy Smith joins Nordstrom from Bright Health Group where she was serving as chief financial and administrative officer since 2020. She has held five senior-level positions at other major companies including Target and Walmart International.

Smith will replace Maher, who was serving as interim CFO and was instrumental in guiding the retailer through periods of transformation throughout his time with the company.

Nordstrom names a new chief financial officer