By  on March 24, 2011

Millard “Mickey” Drexler, chairman and chief executive officer of J. Crew Group Inc., has a new contract that will keep him on the job until after his 70th birthday.

As part of the acquisition of J. Crew by TPG Capital and Leonard Green & Partners that closed on March 7, Drexler, 66, signed a new employment agreement that runs through the fourth anniversary of the acquisition in 2015. After that date, it is automatically renewed for one-year extensions without limit unless Drexler or the company provides notice of nonrenewal at least three months before its anniversary.

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