In Turnaround Mode: J. Crew Triggers Cuts and Management Shifts David Moin Turnaround efforts at J. Crew Group Inc. are intensifying. J. Crew Group said Tuesday it has reorganized and streamlined its top management team and is eliminating 150 full-time jobs and 100 open positions, primarily from its corporate headquarters, to save approximately $30 million annually. The company will record a charge of approximately $10 million in the first quarter of fiscal 2017 for severance payments and other termination costs. The reorganization of senior-level management is geared to streamline operations and help the company respond faster to changing consumer demands and market conditions and reverse recent disappointing results. An eventual successor to J. Crew Group's 72-year-old chairman and chief executive officer Millard "Mickey" Drexler is being sought. However, a source close to the company said the senior management changes announced Tuesday don't reflect a succession plan and that Drexler remains entrenched and very engaged in fixing the business. In the management streamlining, the corporation's president, chief operating officer and chief financial officer Michael J. Nicholson has been given additional responsibilities for the J. Crew brand, including the planning and allocation, merchandising, marketing and design functions. Nicholson joined J. Crew in 2016 and has been instrumental in directing J. Crew's strategic evolution. He will continue to report to Drexler. Lisa
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