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J. Crew CEO Mickey Drexler gestures during an interview at the new J. Crew store in Hong Kong, Wednesday, May 21, 2014. U.S. fashion retailer J. Crew is opening a pair of shops in Hong Kong. It?s the latest Western brand carving out a foothold in the notoriously high-rent city as it explores future expansion in the lucrative China market. (AP Photo/Vincent Yu)

Mickey Drexler has stepped down as J. Crew's CEO


Millard “Mickey” Drexler has stepped down as J. Crew's CEO after 14 years at the company, according to Women's Wear Daily

He will be replaced by Jim Brett, who previously served as the president of the specialty home furnishing company West Elm. Brett will take over as CEO in July and will join the company's board of directors. 

Drexler will stay on as chairman of the company. 

"Jim has a proven track record of pushing for innovation and growing omni-channel brands," Drexler said, referring to Brett's appointment. "I look forward to moving into my new role and assist[ing] Jim and the team in every way possible to help ensure a smooth and successful transition."

This news follows the departure of J. Crew's former creative director, Jenna Lyons, who left the company in April after 26 years. 

"This is an exciting time for J.Crew as we continue to make significant changes to position our company for long-term success," Drexler said in a statement. "As chairman and an owner of the company, it is my responsibility to focus on the future of J.Crew and find the right leadership to execute on our strategic plans."

Brett released a statement saying he is honored to be chosen for the new role and looks forward to leading the company "through its next phase of growth." 

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