Mickey Drexler is leaving his role as chairman of struggling US casualwear brand J Crew, after more than 15 years at the company.
The retailer said its board of directors has elected Chad Leat to succeed Drexler with immediate effect. Leat, a former vice-chairman of global banking at Citigroup, has served as a director of J Crew since January 2017.
In 2017 Drexler said he would step down as chief executive to become chairman. He joined J Crew as CEO in 2003.
The company added that Drexler will continue to serve as a strategic adviser to the office of the chief executive and the board.
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The news comes at a tricky time for the brand, which currently has no chief executive and is midway through a turnaround strategy after several years of flagging sales.
Drexler said in a statement: “It’s been a privilege to have had more than 15 years with J Crew Group both as CEO and chairman of the board. J Crew and [sister label] Madewell have been long admired as iconic American brands, and I am thankful to have been a part of their evolution throughout the years. I look forward to working with the office of the CEO and the board as a strategic adviser to help support J Crew’s long-term success.”