The Retail Apocalypse has claimed yet another victim: J. Crew CEO, Mickey Drexler.
According to The New York Times, Drexler will be replaced by James Brett, the former president of West Elm, but will remain chairman of the company and “keep his ownership stake in J. Crew.”
The announcement marks the “second major executive change in recent months” for the retailer — executive creative director, Jenna Lyons, resigned in April, after declining sales were reported during 11 of the past 12 quarters.
For what it’s worth, this wasn’t a total piano-on-the-head moment for Drexler – at least according to the company. A J. Crew spokeswoman told the New York Times that Drexler had been planning his succession for over a year now.
“As chairman and an owner of the company, it is my responsibility to focus on the future of J. Crew and find the right leadership to execute on our strategic plans,” Drexler, 72, said in a statement. “Jim [Brett] has a proven track record of pushing for innovation.”
You can read more about it at The New York Times.
