J Crew's CEO steps down after a short run [CNN]
Forrester Research, Inc. (FORR)
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Source: CNN
The truth about the retail apocalypse (CNN) J Crew's CEO is stepping down less than two years into the job, a sign of turmoil as the retailer heads into the holiday shopping stretch. In a surprise announcement Saturday, the company said that Jim Brett was leaving because of a disagreement with the board of directors over how to evolve J Crew. Four senior executives will share CEO responsibilities. Brett took over last July from veteran chief executive Mickey Drexler, who led the company for 14 years after a stint at Gap. Drexler helped position J Crew as a top clothing brand known for its quality and preppy aesthetic before a years-long sales slump. The departure of Jim Brett is worrying for J Crew, said Neil Saunders, managing director at GlobalData Retail. It leaves the brand leaderless at a time when it needs to focus its efforts on rebuilding sales and reconnecting with customers. Brett came to J Crew from West Elm and faced the tough job of revitalizing the
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