J.Crew has named Michael Nicholson as its new President, Chief Operating Officer (COO) and Chief Financial Officer (CFO), effective January 11, 2016. Nicholson will report to company Chairman and CEO Millard Drexler. He will replace interim CFO Joan Durkin, who will return to her role as the company’s Chief Accounting Officer.
In this position, Nicholson will lead J.Crew's finance, global supply chain, sourcing, IT, real estate, asset management and investment management functions. The hiring is designed to complement J.Crew's business and support its growth and profit improvement initiatives. J.Crew is specifically looking to turn its business around; the company posted a $759.7 million net loss in Q3, a revenue loss of 6% and experienced same-store sales declines of 11%.
“I am very pleased Mike will be joining our team,” said Drexler in a statement. “Mike has deep experience across the retail industry and we welcome him to the Company in this critical role as we move forward with our strategic initiatives, sharpen our execution, and build opportunities for profitable growth.”
Nicholson most recently served as the EVP, COO, CFO and Treasurer of ANN INC.