// J Crew appoints ex-Victoria’s Secret boss as its new chief executive
// Singer previously held positions at Spanx and Nike
J.Crew Group has appointed former Victoria’s Secret executive Jan Singer as its new chief executive.
Singer, who resigned as Victoria’s Secret boss in November 2018 will join the fashion retailer’s board of directors and assume responsibility for all aspects of the J.Crew and J.Crew Factory brands and businesses.
“Over the past year, we have made great progress restoring profitability at the J.Crew brand, while further optimising our operations, thereby establishing a strong foundation for long-term growth,” J Crew Group director and chairman Chad Leat said in a statement.
READ MORE : J Crew appoints new CCO to transform brand
“Jan’s passion for our brand, focused vision of our potential and deep understanding of the modern consumer will be invaluable in rebuilding the strategic positioning and prestige of our iconic brand and company.”
Singer’s role will be to stem falling sales and a dwindling cash flow at the retailer, which has been facing competition from online firms and marketplaces.
She will be paid a base salary of $1.25 million annually, with a sign-on bonus of $2.5 million, J.Crew announced in a regulatory filing.
Following the appointment Michael J. Nicholson, J.Crew’s interim chief executive, will return to his role as president and chief operating officer.
“On behalf of the board, we would like to sincerely thank Mike for his guidance and leadership during this critical interim period,” Leat said.
“He will continue as a valued and integral leader on the executive team, partnering closely with Jan to drive the business forward.”
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