Trader Joe's CEO retires, Target alums join Bath & Body, Nordstrom

On the Move has updates from Abercrombie, Nike and more.

maurice cooper

Maurice Cooper is chief customer officer of Bath & Body Works. (Courtesy photo)

Welcome to On the Move. Every week, The Current is rounding up the comings and goings of leaders at brands and retailers across the ecommerce, retail and CPG landscape.

This week, Trader Joe’s announced a CEO succession plan. Meanwhile, the Target alumni network is spreading its wings throughout retail, as former executives are joining Bath & Body Works and Nordstrom.

Check out the latest moves:

Trader Joe’s CEO retires

Dan Bane is retiring after a longtime stint as CEO of Trader Joe’s, effective July 2. With the move, Bryan Palbaum will become the grocer’s next CEO, rising from his current role of president and chief operating officer. Jon Basalone will be promoted from president of stores to vice CEO and president.

Bane has worked at Trader Joe’s for 25 years, and served as CEO for the last 22 years. Combined, Palbaum and Basalone have more than 50 years of experience.

"We are thankful for Dan's leadership over the past 22 years. Jon and I look forward to working with all Crew Members to continue to grow Trader Joe's,” said Palbaum. “We remain focused on providing customers with exciting products at great values while being true to the seven Values that will continue to guide Trader Joe's."

Bath & Body Works taps Target vet as chief customer officer

Maurice Cooper will join Bath & Body Works as chief customer officer. The newly-created role will oversee growth and retention of customers, and the customer experience.

Cooper joins the retailer from Target, where he served as senior vice president, marketing – guest and brand experience. He also previously served as executive vice president, chief growth and experience officer and senior vice president, chief marketing officer at Wingstop Restaurants, Inc.

“With the new chief customer officer role and Maurice’s hiring, we are doubling down on our commitment to delighting customers and optimizing their experiences,” said Gina Boswell, chief executive officer, Bath & Body Works, in a statement. “Maurice is an accomplished executive who not only brings expertise in bold and inspiring brand storytelling but also a steadfast dedication to finding innovative ways to enhance connections with customers.”

Nordstrom hires former Target CFO

Cathy R. Smith was hired as the chief financial officer of Nordstrom.

Smith joins the department store retailer from Bright Health Group, where she has served as chief financial and administrative officer since 2020. Previously, Smith served as CFO at Target for five years. She has also served as CFO of Express Scripts, Walmart International, Gamestop, Centex, Kennametal, Textron and Raytheon.

"Cathy is a proven and well-respected leader with more than 30 years of financial leadership experience," said Erik Nordstrom, chief executive officer of Nordstrom, Inc., in a statement. "With her impressive record delivering business results at blue chip brands and deep expertise navigating a complex retail environment, we're confident she will be an excellent addition to our team and will help us achieve our growth priorities."

With the move, interim CFO Michael Maher indicated he will be departing Nordstrom, ending a stint with the company that began in 2009.

Abercrombie & Fitch CFO adds COO role

Scott Lipesky is adding new responsibilities at Abercrombie & Fitch. Lipesky is currently EVP and chief financial officer. He will add the role of chief operating officer, according to an SEC filing. Lipeksy has been with Abercrombie since 2007, save for a brief stint with American Signature.

Nike adds board member

Former Kimberly-Clark Corporation Chief Financial Officer Maria Henry is joining the board of Nike.

Henry served as CFO of the paper products company from 2015-2022, and senior advisor from April 2022-September 2022. She also brings experience as CFO of The Hillshire Brands Company, and Sara Lee’s North American Retail and Foodservice business.

“Maria’s strong global and financial leadership, as well as her strategic contributions across multiple industries, make her an outstanding addition to our board,” said Mark Parker, executive chairman of Nike, in a statement. “We look forward to working with Maria during an exciting time for Nike where we see unprecedented brand strength and great opportunity for future growth.”

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