J.Crew Reorganizes Top Management and Reducing Headcount

J.Crew Reorganizes Top Management and Reducing Headcount
David Moin
J. Crew Group Inc. has reorganized its top management team and is eliminating 150 full-time 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. In its extensive reorganization of senior-level management, Michael J. Nicholson, president, chief operating officer and chief financial officer of J.Crew Group will additionally assume responsibility for the J.Crew Brand which includes the planning and allocation, merchandising, marketing and design functions. He will continue to report to Millard Drexler, chairman and chief executive officer. In addition, Lisa Greenwald has been named chief merchandising officer of the J.Crew Brand to oversee merchandising across J. Crew women's, men's, and crewcuts. Most recently, she was senior vice president of merchandising for Madewell. Greenwald will now report to Nicholson. Libby Wadle has been named president of the Madewell brand. Most recently, Wadle served as president of the J.Crew brand. Wadle will continue to report to Drexler. "Today's retail environment is changing more rapidly than ever before. Customers demand greater speed to market, convenience and personalized shopping experiences" said Drexler. "At J.Crew, we are embracing this change

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