// J Crew chairman Mickey Drexler leaves role after 15 years
// Chad Leat will replace Drexler
J Crew chairman Mickey Drexler is stepping down from his role after more than 15 years at the US fashion retailer.
J Crew said its board of directors has found a replacement, hiring Chad Leat as chairman with immediate effect.
Leat previously served as a director for the US retailer since January 2017, and has also been a former vice-chairman of Citigroup.
In 2017, Drexler stepped aside from as J Crew’s chief executive to become chairman.
The retailer said Drexler would continue to work as a strategic adviser to the office of the chief executive and the board.
The news arrives at a tough time for the retailer as it currently has no chief executive has has been financially struggling in recent years.
“It’s been a privilege to have had more than 15 years with J Crew Group both as CEO and chairman of the board,” Drexler said.
“J Crew and [sister label] Madewell have been long admired as iconic American brands, and I am thankful to have been a part of their evolution throughout the years.
“I look forward to working with the office of the CEO and the board as a strategic adviser to help support J Crew’s long-term success.”