In a major executive realignment at I. Magnin, Steven M. Somers will become president and chief executive officer of the specialty department store on Feb. 1, succeeding chairman and chief executive Ross Anderson, who is retiring.

Norman Wechsler, Currently president of I. Magnin, will become chairman of the board.

Anderson, who also serves as group president of Federated Department Stores, Magnin's parent company, plans to pursue a new career as a porfessional director and consultant.

Somrs, 39, will be the youngest divisional chief executive in the Federated organization. He began his career with Federated in 1964 as an executive trainee with Abraham & Straus in Brooklyn. In 1968 he joined Gimbels of New York, where he worked for six years. Somers rejoined Federated in 1974 as a branch divisional manager at Burdines of Florida.

He assumed his present position as vice president and general merchandise manager in August of this year.

Eva Grove, president o the First Women's Bank of Maryland (organizing), has been installed as a member/ director of the Maryland Small Business Development Financing Authority.

The Municipal Finance Forum of Washington has appointed its slate of officers for 1979. They are: Robert W. Corby, president of R. W. Corby & Co. Inc., president; Richard J. McCarthy, vice president, institutional sales for Johnston, Lemon & Co. Inc., voce president; Nancy C. Willis, vice president, funds management department of Union First National Bank of Washington, secretary; and David Herships, deputy director of the office of New York finance for the U. S. Tteasury Department, treasurer.