J Crew has announced that Millard Drexler has resigned as CEO of the brand after 14 years.
According to an article on WWD, J Crew has announced that Millard Drexler has resigned as CEO of the brand after 14 years. The brand also announced that James Brett is the brand’s new CEO, replacing Drexler. The announcement comes just two months after Jenna Lyons resigned as creative director of the brand.
Drexler released a statement saying,
“this is an exciting time for J.Crew as we continue to make significant changes to position our company for long-term success. 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.”
He continued to say,
“Jim has a proven track record of pushing for innovation and growing omnichannel brands. He has 25 years of retail experience, not that experience is the issue. He has had various leadership positions at Urban Outfitters, Anthropologie, J.C. Penney — there’s a proven track record there. You meet a lot of people during this [succession] process who might have impressive résumés but really haven’t had a chance to build a business. Jim has had a chance to build a business. He’s a merchant. A brand guy. He likes design, and he is a customer person. Those are the four critical elements that go into making a strong leader.”
Drexler continued to explain that he had been planning to resign for a while and that it was his decision. Brett will be replacing Drexler as CEO next month and join J Crew’s board of directors. Drexler will, however, stay with the company as Chairman of the brand’s board of directors.
Brett released a statement saying,
“I’m honored to work with J.Crew’s talented team of leaders, board of directors and Mickey, who have built an iconic American brand. J.Crew has tremendous opportunity to play a more meaningful role in our lives, and I look forward to leading it through its next phase of growth.”
Drexler’s resignation and the brand’s hiring of Brett are just the latest in the brand’s plans to increase sales and profits.
In December, J Crew was said to be in talks with creditors to lower its approximately $2 billion debt. Then, in March, the brand reported declining sales for the fourth quarter fiscal 2016 and announced that it will be closing up to 20 stores. About a month later, J Crew announced that it will be cutting 250 jobs.
So, what do you think? Will James Brett do well at J Crew? Let me know in the comments below. Also, don’t forget to subscribe to get new posts sent directly to your inbox and follow me on Facebook, Instagram, and Snapchat.
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