J.Crew Group appoints former Victoria's Secret executive as CEO

(Reuters) – J.Crew Group Inc on Tuesday appointed former Victoria’s Secret executive Jan Singer as chief executive officer, effective Feb. 2.

The new CEO is expected to stem falling sales and a dwindling cash flow at the fashion retailer, which has been grappling with competition from online firms such as Amazon.com Inc (O:) that have been eating into traditional retailers’ market share.

Singer resigned from L Brands (N:) in November 2018, where she headed its struggling Victoria’s Secret’s lingerie division.

She will be paid a base salary of $1.25 million annually, with a sign-on bonus of $2.5 million, J. Crew said in a regulatory filing https://www.sec.gov/Archives/edgar/data/1051251/000156459020002278/jcg-8k_20200127.htm.

Michael J. Nicholson, who served as J.Crew’s interim CEO, will return to his former role as president of the fashion retailer.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.