Business

Nordstrom hires Dollar General’s turnaround CFO behind stock surge

Published

5 months ago

July 18, 2025

Good morning. Kelly Dilts turned heads by steering Dollar General through massive operational shifts and soaring stock gains—now she’s set to bring her playbook from deep discounts to the deep pockets of the luxury world of Nordstrom.

Dilts resigned from her role of EVP and CFO at Dollar General (No. 112 on the Fortune 500) on July 11 and her final day is Aug. 28, according to an SEC filing. The company has begun a search for her successor. Dollar General declined to provide additional comments. On Aug. 29, Dilts will join Nordstrom, Inc. (No. 291) as CFO, the retailer announced on Thursday.

Kelly Dilts will join Nordstrom, Inc. as CFO on Aug. 29.

Courtesy of Dollar General Corporation

Dilts became CFO at Dollar General in May 2023. She joined the company in July 2019 as SVP of finance, where she oversaw financial planning, procurement, margin planning, decision science and analytics, and investor relations. Previously, she served as EVP and CFO at Francesca’s Holding Corp. and held senior finance roles at other major retailers.

With nearly three decades of financial leadership experience, Dilts was praised by Nordstrom co-CEO Erik Nordstrom in a statement, calling her a leader with “a proven track record of driving strong results at large-scale omnichannel retailers.” He expressed confidence in her ability to help strengthen the business. As of late May 2025, Nordstrom is no longer a publicly traded company, having completed its transition to private ownership under the Nordstrom family and El Puerto de Liverpool.

In Nordstrom’s announcement, Dilts said, “Nordstrom is a company with a strong legacy, a clear sense of purpose, and a deep commitment to its customers, employees, and brand partners. I look forward to working alongside the leadership team to build on that foundation.” Dilts succeeds Cathy Smith, who left Nordstrom in March to join Starbucks as CFO.

Shrinking ‘shrink’

Dollar General has faced notable challenges, responding to shifting consumer needs, regulatory pressures, and competitive headwinds, along with CEO transitions. In a December 2023 earnings call, Dilts said that “shrink”—an industry term referring primarily to theft—“has been pretty significant for us for a while, and it’s definitely going to carry into 2024.”

She has credited improvements in this area to the company’s Back-to-Basics strategy. Notably, Dollar General used AI to analyze self-checkout purchases, identify stores with the highest levels of theft and mis-scanned items. That determined the company’s decision, led by CEO Todd Vasos, to eliminate the option of self-checkout in the vast majority of its stores.

In Q1 2025, Dollar General’s gross profit as a percentage of sales rose to 31%, up by 78 basis points, a gain Dilts attributed to reduced shrink and higher inventory markups. “Our shrink mitigation efforts have continued to drive positive results, including a year-over-year improvement of 61 basis points in the first quarter,” she said on the June 3 earnings call.

A top-performing retail stock

Amid tariffs and inflation, Dollar General and other discount retailers have attracted more middle- and higher-income shoppers. After strong Q1 results, Dollar General raised its full-year guidance.

DG stands out as the leading consumer/retail stock and one of the biggest movers since the market’s February high. DG’s share price increased from about $74 in mid-February to more than $113 by mid-July, a gain of over 50%. It is especially noteworthy as the leading gainer among major retailers and a driving force behind the S&P 500’s latest rally.

For the rest of the year, Morningstar equity analyst Dan Su expects Dollar General to remain attentive to tariffs, given that about 20% of sales are from imports. Su told me that the company has done a “solid job” in attracting new shoppers, and he anticipates continued investments in merchandising, store renovations, and labor to sustain same-store sales growth.

As Dilts moves on to Nordstrom, she will have the opportunity to once again execute a transformative strategy at another major retailer.

Have a good weekend.

Sheryl Estrada
sheryl.estrada@fortune.com

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More Fortune 500 Power Moves

Leeny Oberg, CFO and EVP of development at Marriott International (No. 171) has decided to retire effective March 31, 2026, after spending more than two decades with the U.S. hotel operator. Oberg, CFO since 2016, will be succeeded by Jen Mason, who joined Marriott in 1992 and currently serves as global officer, treasurer and risk management. Mason is also a former CFO of the U.S. and Canada at the company. Shawn Hill was promoted to the role of EVP and chief development officer, effective Jan. 1. Oberg has been in that role since February 2023.

Daniel S. Tucker, EVP and CFO of Southern Company (No. 161), an energy provider, plans to retire. David P. Poroch, currently SVP, comptroller and chief accounting officer, was promoted to succeed Tucker, effective July 31. Tucker will transition to a senior advisory role reporting to the CEO until his retirement on Oct. 1. Poroch began his career with Southern Company in 2012 as VP and chief audit executive of Southern Company Services. From there, he served as EVP, CFO and treasurer of Georgia Power and then EVP and CFO at Southern Company Gas in 2021. Before joining Southern Company, he was a partner with Deloitte & Touche LLP.

Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.

More notable moves this week:

Mukul Mehta was promoted to CFO of pharmaceutical company Novartis (ECN), effective March 16, 2026. Mukul succeeds Harry Kirsch, who has served as CFO since 2013, and will retire from Novartis after a 22-year career with the company. Harry will continue in his role as CFO until March 15, 2026. Mukul brings over 20 years of experience at Novartis. He was recently appointed to the role of head of BPA, Digital Finance and Tax, where he will continue until March of next year. His career includes serving as CFO International for three years, ad-interim President International, CFO Pharmaceuticals business unit, CFO Novartis Business Services, CFO Pharmaceuticals Europe business, and Country CFO of France, Poland, and Norway.

Brandy Richardson was appointed CFO of multi-brand luxury retailer Saks Global, effective Aug. 18. Richardson succeeds Interim CFO Mark Weinsten, who joined Saks Global to lead the company’s finance organization through the initial stages of its transformation following its acquisition of Neiman Marcus Group (NMG) in December 2024. With nearly 25 years of experience, Richardson joins Saks Global from Tailored Brands, Inc., where she has served as EVP and CFO. Richardson spent the majority of her career at NMG, where she held several finance leadership roles of increasing responsibility over her 15-year tenure.

Sandy Mahatme was appointed CFO and chief business officer of Vor Bio (Nasdaq: VOR), a clinical-stage biotechnology company. Mahatme joins Vor Bio with more than 30 years of executive leadership experience. He most recently served as president, chief operating officer, and CFO of National Resilience, Inc., a biomanufacturing company he cofounded in 2020.

Mark Mesler has stepped down from his position as CFO of Archer Aviation Inc. (NYSE: ACHR), effective July 7, according to an SEC filing. Mesler had been on medical leave since September 2024. During his absence, Priya Gupta has served as CFO and acting principal financial officer. Gupta will continue in these roles. Harsh Rungta will also remain as SVP of finance and chief accounting officer and principal accounting officer.

Karyn Ovelmen, EVP and CFO of Newmont (NYSE: NEM), one of the world’s biggest gold miners, has resigned, effective July 11. She will be replaced on an interim basis by Chief Legal Officer Peter Wexler while the company searches for a permanent replacement.

Sarah C. Young was appointed CFO at Bell Partners, a privately held company specializing in apartment investment and management, and will succeed John Tomlinson upon his planned retirement effective Aug. 22. Young joined the company on July 14 and will report to Lili Dunn, CEO and president of Bell Partners. After his retirement, Tomlinson will remain as an advisor to the company through the end of 2025. Young previously served as CFO and senior managing director at Quarterra Group, a subsidiary of homebuilder Lennar, where she worked for 10 years. Before that, Young was part of the finance group at Walton Street Capital.

Corleen Roche was appointed CFO of Iovance Biotherapeutics, Inc. (Nasdaq: IOVA), a commercial biotechnology company, effective Aug. 6. Roche brings to the role 30 years of experience in the biotech and life sciences industry. Most recently, she served as CFO of CG Oncology. Her previous roles included CFO of Immunome, U.S. CFO at Biogen, North America CFO of CSL Behring, and various CFO roles within Sandoz, Wyeth and Pfizer.

Big Deal

A survey by Gartner, Inc. finds that 37% of CFOs are already pausing some capital spending as we enter the second half of 2025. This pause is driven by a mix of cost pressures, policy shifts, and geopolitical risks.

The survey of 197 finance leaders, conducted on June 19, revealed a strong inclination toward caution, with many willing to pause or deprioritize capital spending. Three percent of respondents reported pausing or deprioritizing more than 25% of their capital spending for 2025.

“There is a near absence of planned increases in capital expenditures in the second half of 2025,” said Alexander Bant, chief of research in the Gartner Finance practice. Bant noted that this reflects a cautious strategy in response to the current economic and policy uncertainty facing organizations.

Another key finding: 67% of finance leaders are either in the process of cutting costs, have already completed cost reductions, or plan to do so in the second half of the year.

Going deeper

Here are four Fortune weekend reads:

“Kinder Morgan kicks off oil and gas earnings season with a bullish outlook, in part thanks to thirsty data centers” by Jordan Blum

“The economy enters its budget shopping era, with consumers doubling down on value even as they ramp up spending” by Irina Ivanova

“Coinbase’s new super app Base is a game changer—and could become a serious money maker” by Jeff John Roberts

“The 4 foods science says can help you live to 100” by Alexa Mikhail

Overheard

“I always have a suitcase on the end of my arm because I’m living hybrid.”

—Kirsty Glenne, managing director of the luxury luggage brand Antler, told Fortune in an interview. Glenne splits her time between London, Sydney, New York, and a beachside home on Britain’s coast. Glenne discussed how she powers through long-haul flights, stays connected to her school-age children across continents and balances the demands of a global career.

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Business

Hero bystander who tackled Bondi gunman praised by Trump, Ackman

Published

56 minutes ago

December 14, 2025

Jace Porter

A bystander who rushed and disarmed one of the Bondi Beach attackers has won praise from leaders around the world, including US President Donald Trump and hedge fund billionaire Bill Ackman, who announced a reward program for community heroes.

Extraordinary footage of the civilian’s actions began circulating on social media on Sunday, shortly after two men, later identified as a father and son, started shooting into a crowd gathered to celebrate the first day of Hanukkah. The massacre has left at least 16 people dead in the worst terrorist attack in Australia’s history.

In the mobile-phone video, which has not been verified by Bloomberg News, one of the attackers is standing near a tree and firing. A few meters away, a crouched man emerges from behind a parked car. He grabs the shooter from behind and wrestles the weapon from his hands. Local media named the bystander as Ahmed el Ahmed, a 43-year-old father-of-two from south Sydney. He was shot twice and is being treated in the hospital, according to reports.

He was also soon lauded for his feat. Trump said at the White House that Ahmed had saved many lives and expressed “great respect” for him. In Sydney, New South Wales Premier Chris Minns went further, describing Ahmed’s wrestle with the shooter as “the most unbelievable scene I’ve ever seen.”

“That man is a genuine hero and I’ve got no doubt there are many, many people alive tonight as a result of his bravery,” Minns said at a press conference late Sunday.

Australian Prime Minister Anthony Albanese also praised Ahmed, and other bystanders who helped treat victims in the immediate aftermath of the shooting.

“People rushing towards danger to show the best of the Australian character,” Albanese told reporters Monday. “That’s who we are, people who stand up for our values.”

Pershing Square Capital Management’s founder Ackman called Ahmed “a brave hero” and said his hedge fund firm would establish a reward program for people who had carried out similar acts.

The top donor to a gofundme page set up for the “hero” who tackled the shooter is listed as William Ackman, who gave $99,999. More than $170,000 has been raised so far.

Salesforce Inc. Founder and Chief Executive Officer Marc Benioff also expressed his gratitude for Ahmed in a post on X.

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Business

A ‘new era’ in the housing market is about to begin as affordability finally improves

Published

1 hour ago

December 14, 2025

Jace Porter

Next year should mark a shift in the housing market after years of largely being frozen in place, according to Mike Simonsen, chief economist at top residential real estate brokerage Compass.

Home sales flatlined amid unaffordable conditions after rising demand collided with tepid supply growth, pushing up home prices. Would-be buyers became so discouraged that demand cooled and remains slow.

Prices are now becoming more favorable for house hunters, a trend that should continue in 2026 and change the narrative in the housing market.

“In the next era, that story flips. So sales are starting to move higher, but prices are capped or maybe down. Incomes are rising faster than prices, and so affordability improves for the first time in a bunch of years,” Simonsen told CNBC on Friday. “It’s not a dramatic improvement, but it’s the start of the new era.”

His view echoes a recent report from Redfin, which also cited stronger income and weaker homes prices as it predicted a “Great Housing Reset” in 2026.

In addition to potential buyers giving up on finding an affordable home, sellers have been giving up on finding someone willing to buy at the price they want.

As a result, the number of homes that were withdrawn from the market jumped this year. In June, these so-called delistings shot up 47% from a year earlier.

Simonsen said listing withdrawals tend to be owner-occupied homes, meaning they could be latent demand as well as supply. That’s because two transactions would be needed: owners want to buy a new home but must sell their current one.

“In an environment where conditions improve a little bit, we actually estimate that that’s a representation of shadow demand—people that want to move, people that have delayed moves for maybe four years now,” he said, adding that there are about 150,000 such homeowners.

His housing market outlook for a new era of improving affordability doesn’t depend on a steep drop in mortgage rates. In fact, a plunge might spur so much demand that prices would overheat.

Simonsen expects rates to stay in the low-6% range, allowing sales to grow while also keeping home prices in check as more inventory comes on the market.

The price environment is already showing auspicious signs for prospective buyers. More than half of U.S. homes have dropped in value over the last year, but homeowners can still sell with a net gain as values are up a median 67% since their home’s last sale, accordion to data from Zillow.

And a separate report from Zillow found that homebuyers are getting record-high discounts. While the typical individual discount remains $10,000, desperate sellers are increasingly offering multiple reductions as muted demand leaves homes on the market for longer. As a result, the cumulative price cut in October hit $25,000.

“Most homeowners have seen their home values soar over the past several years, which gives them the flexibility for a price cut or two while still walking away with a profit,” Zillow Senior Economist Kara Ng said in a statement last month. “These discounts are bringing more listings in line with buyers’ budgets, and helping fuel the most active fall housing market in three years. Patient buyers are reaping the rewards as the market continues to rebalance.”

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Business

Attacker who killed US troops in Syria was a recent recruit to security forces

Published

3 hours ago

December 14, 2025

Jace Porter

A man who carried out an attack in Syria that killed three U.S. citizens had joined Syria’s internal security forces as a base security guard two months earlier and was recently reassigned amid suspicions that he might be affiliated with the Islamic State group, a Syrian official told The Associated Press Sunday.

The attack Saturday in the Syrian desert near the historic city of Palmyra killed two U.S. service members and one American civilian and wounded three others. It also wounded three members of the Syrian security forces who clashed with the gunman, interior ministry spokesperson Nour al-Din al-Baba said.

Al-Baba said that Syria’s new authorities had faced shortages in security personnel and had to recruit rapidly after the unexpected success of a rebel offensive last year that intended to capture the northern city of Aleppo but ended up overthrowing the government of former President Bashar Assad.

“We were shocked that in 11 days we took all of Syria and that put a huge responsibility in front of us from the security and administration sides,” he said.

The attacker was among 5,000 members who recently joined a new division in the internal security forces formed in the desert region known as the Badiya, one of the places where remnants of the Islamic State extremist group have remained active.

Attacker had raised suspicions

Al-Baba said the internal security forces’ leadership had recently become suspicious that there was an infiltrator leaking information to IS and began evaluating all members in the Badiya area.

The probe raised suspicions last week about the man who later carried out the attack, but officials decided to continue monitoring him for a few days to try to determine if he was an active member of IS and to identify the network he was communicating with if so, al-Baba said. He did not name the attacker.

At the same time, as a “precautionary measure,” he said, the man was reassigned to guard equipment at the base at a location where he would be farther from the leadership and from any patrols by U.S.-led coalition forces.

On Saturday, the man stormed a meeting between U.S. and Syrian security officials who were having lunch together and opened fire after clashing with Syrian guards, al-Baba said. The attacker was shot and killed at the scene.

Al-Baba acknowledged that the incident was “a major security breach” but said that in the year since Assad’s fall “there have been many more successes than failures” by security forces.

In the wake of the shooting, he said, the Syrian army and internal security forces “launched wide-ranging sweeps of the Badiya region” and broke up a number of alleged IS cells. The interior ministry said in a statement later that five suspects were arrested in the city of Palmyra.

A delicate partnership

The incident comes at a delicate time as the U.S. military is expanding its cooperation with Syrian security forces.

The U.S. has had forces on the ground in Syria for over a decade, with a stated mission of fighting IS, with about 900 troops present there today.

Before Assad’s ouster, Washington had no diplomatic relations with Damascus and the U.S. military did not work directly with the Syrian army. Its main partner at the time was the Kurdish-led Syrian Democratic Forces in the country’s northeast.

That has changed over the past year. Ties have warmed between the administrations of U.S. President Donald Trump and Syrian interim President Ahmad al-Sharaa, the former leader of an Islamist insurgent group Hayat Tahrir al-Sham that used to be listed by Washington as a terrorist organization.

In November, al-Sharaa became the first Syrian president to visit Washington since the country’s independence in 1946. During his visit, Syria announced its entry into the global coalition against the Islamic State, joining 89 other countries that have committed to combating the group.

U.S. officials have vowed retaliation against IS for the attack but have not publicly commented on the fact that the shooter was a member of the Syrian security forces.

Critics of the new Syrian authorities have pointed to Saturday’s attack as evidence that the security forces are deeply infiltrated by IS and are an unreliable partner.

Mouaz Moustafa, executive director of the Syrian Emergency Task Force, an advocacy group that seeks to build closer relations between Washington and Damascus, said that is unfair.

Despite both having Islamist roots, HTS and IS were enemies and often clashed over the past decade.

Among former members of HTS and allied groups, Moustafa, said, “It’s a fact that even those who carry the most fundamentalist of beliefs, the most conservative within the fighters, have a vehement hatred of ISIS.”

“The coalition between the United States and Syria is the most important partnership in the global fight against ISIS because only Syria has the expertise and experience to deal with this,” he said.

Later Sunday, Syria’s state-run news agency SANA reported that four members of the internal security forces were killed and a fifth was wounded after gunmen opened fire on them in the city of Maarat al-Numan in Idlib province.

It was not immediately clear who the gunmen were or whether the attack was linked to the Saturday’s shooting.

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