US fashion brand J.Crew has announced its long-standing chief executive Mickey Drexler is to step down.
The retail veteran who helmed the company for 14 years will stay on as chairman while former president of West Elm, Jim Brett, steps in to take over the role.
The surprise announcement follows recent news that the company’s creative leader of 26 years, Jenna Lyons, would also depart. T
he pair are attributed to spearheading the company’s success both in the US and internationally.
“This is an exciting time for J.Crew as we continue to make significant changes to position our company for long-term success,” Drexler said in a statement.
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“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.”
Recently J.Crew, which trades in seven UK locations, announced plans to cut 150 jobs as its $1.5 billion (£1.16) debt continues to hinder its turnaround strategy.
Drexler has successfully led turnaround efforts at Ann Taylor and Gap in the past, but admitted to the Wall Street Journal he didn’t anticipate just what an influence technology would have on the industry.
“Jim has a proven track record of pushing for innovation and growing omnichannel brands,” Drexler said.
“I look forward to moving into my new role and assist Jim and the team in every way possible to help ensure a smooth and successful transition.”