Millard Drexler retires as J. Crew chairman
Millard Drexler, J. Crew Group Inc.'s chairman and former chief executive officer, has retired, leaving the company as it continues to search for a new CEO and recover from struggling sales.
According to a press release, Drexler is leaving the company to devote his time to the development of Drexler Ventures, LLC, the company he uses to invest in brands like Outdoor Voices and Warby Parker, as well as to other interests. He will be succeeded by Chad Leat, who has served as the company's director since January of 2017, effective immediately.
Drexler will stay with the company as a strategic advisor to the Office of the CEO and the board.
Drexler is widely credited for growing J. Crew into the brand it became at its peak, in addition to founding Madewell, one of the company's leading brands, in 2006. He retired from the role of CEO at the company in 2017.
Prior to his time at J.Crew, Drexler served as president and CEO of Gap, Inc., where he founded Old Navy and launched Gap Kids, in addition to serving as president and CEO of Ann Taylor and as a director of Apple Inc.
A retired vice chairman of Global Banking at Citigroup with nearly 30 years of markets and banking experience, Leat has built and led several businesses at Citigroup, JPMorgan Chase and their predecessor companies. He currently serves on the Board of Directors of Norwegian Cruise Line and TPG Pace Holdings Corp., and as chairman of MidCap Financial, PLC.
Drexler currently serves as chairman of Outdoor Voices and is a board member at Warby Parker.
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