J.Crew Appoints Jan Singer as Chief Executive Officer
Michael J. Nicholson, Interim CEO to Return to Role as President and COO
NEW YORK, Jan. 28, 2020 /PRNewswire/ -- J.Crew Group, Inc. (the "Company") today announced that after a thoughtful and extensive search, the Board of Directors appointed Jan Singer to serve as Chief Executive Officer, effective Feb. 2, 2020. Singer, a veteran consumer and retail executive with more than 25 years of experience putting the customer at the center and positioning brands for long-term growth, most recently served as CEO of Victoria's Secret Lingerie.
Singer will join the Company's Board of Directors and assume responsibility for all aspects of the J.Crew and J.Crew Factory brands and businesses. Michael J. Nicholson, who skillfully led the Company as Interim Chief Executive Officer, will return to his previous role as President and Chief Operating Officer of J.Crew Group, Inc. Libby Wadle will continue as President and CEO of Madewell, reporting separately to the Board of Directors of the Company.
"Jan is a dynamic leader with significant experience growing and modernizing omnichannel brands," said Chad Leat, Director and Chairman of the Board of Directors. "Over the past year, we have made great progress restoring profitability at the J.Crew brand, while further optimizing our operations, thereby establishing a strong foundation for long-term growth. 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."
"On behalf of the Board, we would like to sincerely thank Mike for his guidance and leadership during this critical interim period," Mr. Leat continued. "He will continue as a valued and integral leader on the executive team, partnering closely with Jan to drive the business forward."
At Victoria's Secret, Ms. Singer led the company's $4 billion intimates business across 1,000 stores and digital platforms. She strengthened operating performance by innovating across core categories and relaunching new high-growth businesses like sleep and exclusive collaborations. Ms. Singer joined Victoria's Secret from her previous role as Chief Executive Officer of Spanx, Inc. Prior to Spanx, she spent 10 years at Nike, Inc., where she led both the global footwear and apparel teams. During her tenure at Nike footwear, she oversaw the successful launch of iconic products including Nike Flyknit, Nike Free and the reset of Nike Air. Ms. Singer was also responsible for apparel innovations including Nike Seamless, Nike AeroLoft and Nike Tech Fleece.
"I'm excited and honored to join this iconic brand and team at such an important time," said Singer. "For me, J.Crew has led specialty retail by knowing what it takes to be a brand—putting the consumer first and at the center. My passion for developing product, brand experiences and teams feels very at home at J.Crew. It's a beloved brand that has always been in my heart and, like millions of consumers, in my closet."
President and Chief Operating Officer Michael J. Nicholson added, "Jan's appointment as CEO is an important milestone for our Company. I am proud of the way the teams came together in 2019 with a renewed focus on restoring profitability at the J.Crew brand, and our results reflected encouraging momentum led by strong gross margin performance and the accelerated benefits of our multi-year cost optimization program. With these key building blocks in place, it is an opportune time for J.Crew to bring on a leader with a proven track record in positioning brands for success." Mr. Nicholson continued, "It has been an honor to lead this organization over the past year and I would like to extend my gratitude to each and every associate for their relentless support, passion and contributions towards rebuilding our Company. It is an exciting time for J.Crew, and I look forward to partnering with Jan as we further energize our businesses and teams."
About J.Crew Group, Inc.
J.Crew Group, Inc. is an internationally recognized omnichannel retailer of women's, men's and children's apparel, shoes and accessories. As of January 28, 2020, the Company operates 184 J.Crew retail stores, 138 Madewell stores, jcrew.com, jcrewfactory.com, madewell.com, and 171 factory stores. Certain product, press release and SEC filing information concerning the Company are available at the Company's website www.jcrew.com.
SOURCE J.Crew Group, Inc.
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