J.Crew was the first major retailer that the coronavirus pandemic pushed into bankruptcy. Now, the executive turnover that dates from 2017 signals ongoing problems for the retailer, who just promoted the head of Madewell to the role of chief executive. Libby Wadle will become J.Crew's fourth CEO in less than four years.
When CEO Mickey Drexler stepped down in 2017, Jim Brett succeeded him. But Brett served in that role for just 17 months, stepping down in late 2018. Jan Singer became J.Crew's CEO in January – more than a year later. Now Singer, too, is stepping down.
"The continued executive turnover at J.Crew adds to the turbulence of an already brutal year for the retailer..." Moody's vice-president and senior analyst Raya Sokolyanska told Business Insider in a statement.