J Crew's Drexler hands over the CEO reins

Millard "Mickey" Drexler has stood down as CEO of J Crew and will be replaced by West Elm's James Brett; Drexler will, however, remain as chairman of the US group.

The news comes on the back of a management reshuffle revealed in April following the departure of long-standing president and chief creative officer Jenna Lyons. Drexler will step down as CEO in July when Brett, who is currently president of West Elm, the home furnishings arm of Williams-Sonoma, joins the business.

Drexler, who is a shareholder in J Crew, said he had been considering stepping aside for a year. "This is an exciting time for J Crew as we continue to make significant changes to position our company for long-term success," he said. "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 continued: "Jim has a proven track record of pushing for innovation and growing omni-channel brands. 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."

Drexler, who is 72, has been with J Crew for 14 years and before that made his name building Gap into a global brand in the 1990s. He also counts stints at Macy's, Ann Taylor and Bloomingdale's on his CV. Brett is 48 and has been credited with building West Elm from a $250m to a $1bn business. He previously worked for Urban Outfitters, Anthropologie, JC Penney and the former May Department Stores Co.

"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," Brett said.

The management reschuffle in April resulted in Michael J Nicholson, President, Chief Operating Officer and Chief Financial Officer of J Crew Group, Inc additionally assuming responsibility for the J Crew Brand, while Lisa Greenwald was named Chief Merchandising Officer of the J Crew Brand. She was previously Senior Vice President of Merchandising for J Crew’s Madewell brand.

Prior to that it was announced that Somsack Sikhounmuong had been appointed as Chief Design Officer, essentially replacing Jenna Lyons. In this role, Sikhounmuong, who was previously at Madewell, oversees the women’s, men’s and Crewcuts’ design teams and reports to Nicholson.

Brett joins at a challenging time for the retailer whose sales slipped slipped by 3.2% to $2.4bn last year. It also has $1.5bn debt.