J.Crew gets new CEO; Mickey Drexler still chairman
The preppy retailer J.Crew, struggling amid changes in how Americans shop, has named a new CEO. Millard "Mickey" Drexler, the retail veteran who helped take the company private in 2011, will remain J.Crew's chairman.
James Brett, the president of home decor chain West Elm, will take over as chief executive in July. He was chief merchandising officer for the trendy clothing chain Urban Outfitters before joining West Elm.
J.Crew has had difficulty adjusting to online-shopping and fast-fashion trends, and has seen poor sales for several quarters. It has cut jobs, including its high-profile creative head, Jenna Lyons.
Drexler, who was previously CEO of Gap Inc., took over at J.Crew in 2003. He told The Wall Street Journal last month he underestimated how quickly technology would affect retail and misjudged pricing.