Will new leadership help J.Crew rebound after a disappointing third quarter? The bruised retailer named Michael Nicholson president, chief operation officer and chief financial officer, effective January 11, 2016. J.Crew posted a $757.9 million loss compared to a $607.8 million loss in third quarter 2014.
Nicholson will lead J.Crew’s finance, global supply chain, sourcing, IT, real estate, asset management and investment management functions. He brings with him financial and operational experience and expertise in the retail and apparel industry, including eight years at Ann Inc. and seven years at Limited Brands, Inc. holding various executive positions. Earlier in his career, Mr. Nicholson held senior positions at Colgate Palmolive and Altria Group, Inc.
In a statement, Nicholson said, “I have been a long-time admirer of J.Crew and the incredible business Mickey and his team have built. I look forward to partnering with Mickey and helping the Company realize the full potential of both J.Crew and Madewell while delivering profitable growth across all channels.”
Nicholson replaces Joan Durkin who has been serving as the company’s interim CFO and will now be returning to her position as J.Crew’s chief accounting officer. He joins other members of the executive team including Jenna Lyons, president, executive creative director and Libby Wadle, president of the J.Crew Brand. Nicholson will report directly to Chairman and CEO Millard Drexler.
“I am very pleased Mike will be joining our team. Mike has deep experience across the retail industry and we welcome him to the Company in this critical role as we move forward with our strategic initiatives, sharpen our execution, and build opportunities for profitable growth,” said Drexler in a statement.