J. Crew CEO Mickey Drexler, 72, is stepping down after 14 years leading the clothing retailer. He told WWD that the decision was his own, and that he was "relaxed-ish" about the move. Drexler will stay on as chairman.He will be replaced as CEO in July by James Brett, who currently leads West Elm, the retail furniture chain.
Per Fortune: "J. Crew has generated major headlines of late but for all the wrong reasons: it announced job cuts in April, a dicey debt restructuring in May, saw the high-profile exit of creative director Jenna Lyons, and shuffled other key executive posts this spring."