J. CREW CEO MICKEY DREXLER IS STEPPING DOWN

In a surprising announcement, Business of Fashion is reporting that J. Crew CEO Mickey Drexler is apparently preparing to exit his role as CEO. The news follows the announcement back in April of Jenna Lyon‘s departure after 26 years with the company. Drexler has held the role of CEO for the last 14 years. He will stay on as chairman, but Jim Brett will be taking over day-to-day duties as CEO. Brett recently served as president if West Elm. In a statement, Drexler shared:

“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.”