J.Crew Group, Inc. has announced that a mutual agreement has been reached by the Board of Directors and Chief Executive Officer James Brett, who will step down, effective immediately.
“Jim’s passion and experience brought new energy to J.Crew and enhanced our ability to relate to a broad range of consumers, and we thank him for his hard work and thoughtful contributions to position our company for long-term success,” said the Board of Directors. “Building on Jim’s early progress, the leadership team remains committed to driving performance and results, as well as continuing to strengthen operations, enhance customer loyalty and extend brand reach.”
“Returning J.Crew to its iconic status required reinventing the brand to reflect the America of today with a more expansive, more inclusive fashion concept,” said Brett. “However, despite the recent brand relaunch already showing positive results, the Board and I were unable to bridge our beliefs on how to continue to evolve all aspects of the company.”
Brett’s responsibilities will be assumed by an office of the CEO, comprised of four senior J.Crew executives who have significant operational and merchandising experience with successful retail brands: Michael Nicholson, President & Chief Operating Officer; Adam Brotman, President & Chief Experience Officer; Lynda Markoe, Chief Administrative Officer; and, Libby Wadle, President of Madewell Brand.
The office of the CEO will manage the company’s operations as the Board works to establish a permanent management structure.
