Let me begin by stating that I am very surprised by Tracy Gardner's departure. I am sure it was an extremely difficult decision for Tracey to make. Choosing to spend time with family is an admirable move. I just hope Ms. Gardner came to that decision by herself and for herself (and was not pushed out.)Tracy Gardner, J.Crew President of Retail and Direct, Resigns; Jenna Lyons Promoted to President & Executive Creative Director, J.Crew Group, Inc.
July 13, 2010
J.Crew Group, Inc. (NYSE: JCG) today announced that Tracy Gardner, President of the Retail and Direct channels, has said she will resign from the Company effective September 13, 2010.
Jenna Lyons, 42, currently Executive Creative Director, will be promoted to President and Executive Creative Director, J.Crew Group, Inc. the Company announced.
Millard Drexler, Chairman and CEO of J.Crew, stated, "I am sorry about Tracy's decision to leave J.Crew but I respect and understand her wish to spend more time with her children. Tracy and I have worked together for almost 20 years and I will miss her as a great merchant, leader and business partner." Drexler continued, "The team at J.Crew has considerable depth, and I am pleased to announce Jenna's promotion along with additional important organizational changes. I am also confident in our ability to achieve a seamless transition."
"I am so appreciative of the confidence Mickey and the Board of Directors have in me and am excited to continue to grow J.Crew Group in a creative and innovative way," said Ms. Lyons."At this point in my life, it is important for me to spend more time with my family. I am so proud of all that J.Crew and the team continues to accomplish and I am grateful that this success has allowed me the opportunity to make this difficult choice," said Ms. Gardner.
In connection with Ms. Gardner's departure, members of J.Crew's leadership team will assume her responsibilities. Libby Wadle will now become Executive Vice President of Retail and Factory and continue to report directly to Mr. Drexler. Trish Donnelly, Executive Vice President of the Direct Channel and Laura Willensky, Senior Vice President of the Madewell Retail Channel will now both report into Mr. Drexler as well. The merchandise production responsibilities will now fall under the Chief Administrative Officer/CFO, James Scully.
As for Jenna Lyons new promotion... I am sure she will do fine. She is J.Crew's rock star, so it seems like the obvious choice for the spot. J.Crew's CEO Mickey Drexler really has put a lot of faith in her— she better deliver! ;)
What are your thoughts on Tracy Gardner's resignation? Were you surprised by the move or did you see it coming? Are you excited that Jenna Lyons will be stepping in?
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