Yesterday, J. Crew, a clothing brand, announced that it’s chief executive officer is stepping down from his post after only 17 months in the role.
James Brett joined the retailer in July last year. He will be stepping down with immediate effect after reaching a mutual agreement with the board of directors of the company.
Brett had been at the forefront of a brand relaunch. It saw the firm reduce its prices, introduce larger sizes and launch new products that included mashine-washable suits.
The firm reported an increase of one percent in its comparable sales in the second quarter this year after it had dropped by eight percent during the same period during the previous year.
In a statement, Brett stated: “Returning J.Crew to its iconic status required reinventing the brand to reflect the America of today with a more expansive, more inclusive fashion concept.”
He added: “However, despite the recent brand relaunch already showing positive results, the board and I were unable to bridge our beliefs on how to continue to evolve all aspects of the company.”
The company said that the responsibilities of Brett will be taken on by an office of the chief executive that is comprised of four of the senior executives of the company including tMichael Nicholson, its president and chief operating officer.
The company said that the office will be managing the operations of the company until a permanent management structure can be established.
In a statement, the board said: “Jim’s passion and experience brought new energy to J.Crew and enhanced our ability to relate to a broad range of consumers, and we thank him for his hard work and thoughtful contributions to position our company for long-term success.”
It added: “Building on Jim’s early progress, the leadership team remains committed to driving performance and results, as well as continuing to strengthen operations, enhance customer loyalty and extend brand reach.”