J.Crew Ceo Steps Down

Millard “Mickey” Drexler, J.Crew’s (New York) ceo, is stepping down.

Drexler will depart mid-July and be replaced by James Brett, currently the president of West Elm, reports Women’s Wear Daily.

“I have been here for 14 years. I thought it was time to move on and lessen up on the day to day. The [succession] plan had been in motion for some time. I told the board a year ago I was ready to set down and move to chairman. We worked together looking for the right talent to lead the next phase of growth … When we found Jim we knew had to move quickly,” says Drexler, who invested $100 million in the company and owns 10 percent.