Why did Mickey Drexler Step Down As J. Crew CEO

For the last fourteen years Millard “Mickey” Drexler was J. Crew’s chief executive officer. The announcement of resigning from the position was obtained exclusively by WWD. Drexler’s departure as ceo comes two months after company president and creative director Jenna Lyons exited the company.

Drexler invested $100 million in the company, owns 10 percent and has a strong relationship with the board, but he said it was his decision to step down. “I have been running companies for 37 years,” he said, noting that he’s 72. He turns 73 in August. According to WWD Drexler officially hands over the reins in mid-July and will be succeeded by James Brett, currently president of West Elm, the home furnishings division of Williams-Sonoma Inc.. Drexler will continue as chairman, with Brett reporting to the board of directors and running the company. He will join the board.