Nordstrom 2006 Annual Report Download - page 15

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Ten years ago I joined the Nordstrom Board. Since that time, I have come to develop an ever greater appreciation
of the special qualities and characteristics that set Nordstrom apart from many other businesses — its honesty,
competitive spirit, high ethical standards and unyielding commitment to the customer.
Last year, I had the honor of succeeding Bruce Nordstrom as Chairman of the Board. Bruce retired after 40 years
ofoutstanding service to the board and even more years serving as a company leader alongside his cousins
from the Nordstrom family’s third generation. In 2000, the board created the lead independent director position,
amove somewhat uncommon in American business. After serving as lead director for six years, I succeeded
Bruce as non-executive chairman. This arrangement reflects the ongoing effort by Nordstrom to utilize sound and
transparent governance practices appropriate for this unique company. Many of these practices, including the
longstanding Nordstrom tradition that each director stand for election each year, are now viewed as
best practices in the current, post Sarbanes-Oxley era.
Our board is composed of nine directors, six of whom are independent and three of whom are members of
the Nordstrom family.Our goal is to provide a balance of experience, talents and perspectives that complements
the expertise of our leadership team. I could not be more proud to serve with the individuals on this board,
or be more grateful for their wisdom and leadership, as we address the many business opportunities
that lie ahead for Nordstrom.
The past year demonstrates the power of literally tens of thousands of individuals working together to move
our organization forward. The pieces that are in place fill me with gratitude for where we are as a company,
as well as great enthusiasm for the bright promise of Nordstrom’s future. The women and men of this company
have driven superior results by executing a highly focused and narrow set of initiatives, always through the
lens of serving the customer while remaining true to the company’s values. There is no doubt that this customer
focus will remain the foundation for Nordstrom in the years ahead, and that every effort will be made to
ensure that the company’s distinctive character shines through at each and every Nordstrom location.
The hard work and drive of the Nordstrom team has not gone unnoticed. In 2007, Nordstrom was named for the
tenth time by Fortune magazine as one of the “100 Best Places to Work” and for the second year in a row
as the number-one “Most Admired Company” in its industry category. Last year, Nordstrom also was named
one of the “100 Best Corporate Citizens” by Business Ethics; named one of the “Top Employers for Minorities”
by Fortune magazine; and honored as “Retailer of the Year” by the American Apparel and Footwear Association.
In conclusion, I thank you for your interest in this great company. While the people of Nordstrom have
accomplished many wonderful things over the last 106 years, I firmly believe that with its amazing team
of people and strong leadership, the best years for Nordstrom are yet to come.
Enrique Hernandez, Jr.
Non-Executive Chairman
A NOTE from our Chairman