J. Crew Chairman Mickey Drexler retiring

01/18/19 02:20 PM EST

J. Crew Group Inc. announced Friday that its chairman, Millard "Mickey" Drexler," will retire to devote his time to developing Drexler Ventures LLC and his other interests. Chad Leat, a J. Crew director since Jan. 2017 and a retired vice chairman of global banking at Citigroup Inc. (C), will succeed Drexler as chairman, effective immediately. Drexler also previously served as chief executive of J. Crew, joining the company in that role in 2003, and founded Madewell. J. Crew has struggled to regain its iconic status after the departure of Jenna Lyons (http://www.marketwatch.com/story/j-crews-creative-director-jenna-lyons-stepping-down-2017-04-03), the brand's superstar creative director. The brand recently replaced its chief executive with an "office of the CEO" and announced plans (http://www.marketwatch.com/story/j-crew-scraps-budget-line-amazon-deal-in-doubt-2018-11-29) to discontinue its budget Mercantile and Nevereven lines, throwing the brand's partnership with Amazon.com Inc. (AMZN) into jeopardy. The SPDR S&P Retail ETF (XRT) has fallen 5.5% in the past year, the Amplify Online Retail ETF (IBUY) has gained 3.6% for the period, and the S&P 500 index has slipped 4.6%.

-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com

 

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01-18-19 1420ET

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