Millard “Mickey” Drexler is stepping down from his role as chief executive of clothing brand J.Crew, the company said Monday.
Drexler, a former CEO of Gap, is credited with turning around the once-struggling J.Crew brand after he took over in 2003. He introduced the idea of providing designer quality clothing for the masses.
But more recently, however, the company has been criticized for falling out of touch with consumers, who increasingly didn’t want to pay up for its preppy styles.
Drexler will remain chairman of the company’s board.
James Brett, a 25-year retail veteran, will take over as CEO in July. He most recently served as president of Williams-Sonoma’s specialty home-furnishing company West Elm.
“Jim has a proven track record of pushing for innovation and growing omnichannel brands,” Drexler said in a release. “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.”
This isn’t the first shake-up at J.Crew this year. In April, the company’s longtime design chief Jenna Lyons announced plans to leave in December when her contract expires.
Lyons, who was replaced with Somsack Sikhounmuong, had been with J.Crew for 26 years and had taken over as president and creative director in 2012.
J.Crew also is in the midst of restructuring, according to media reports.
Following a leveraged buyout, J.Crew is burdened with a heavy debt load. TPG Capital and Leonard Green & Partners purchased the retailer for $3 billion in 2011.
The retailer had nearly $1.5 billion in long-term debt at the end of fiscal 2016.