Jan 28 (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 that have been eating into traditional retailers’ market share.
Singer resigned from L Brands 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.
(Reporting by Aditi Sebastian; Editing by Shinjini Ganguli)
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