J.Crew chief executive and chairman Mickey Drexler is leaving his position as CEO after 14 years in the role.
Drexler will be succeeded by West Elm CEO Jim Brett, the company announced Monday. Drexler will remain chairman of the company.
J.Crew’s sales have been plunging for years.
Last year, the retailer’s total sales fell 6%, to $2 billion, and same-store sales dropped 8% after decreasing 10% the year before. The company has more than $2 billion in debt and less than $150 million in cash.
J.Crew also recently parted ways with its longtime creative director, Jenna Lyons.
In a recent interview with The Wall Street Journal, Drexler said the retailer’s biggest mistake over the last several years is that it jacked up its prices at a time when customers were increasingly cost-conscious.
“We gave a perception of being a higher-priced…