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.
Drexler, who retains an equity interest in the firm he joined as ceo in 2003, will continue to receive a base salary of $200,000 and will remain eligible for a cash bonus with a target amount of $1.2 million, as well as time- and performance-based equity awards.
Details were disclosed in J. Crew’s annual report, filed with the Securities and Exchange Commission earlier this week. There were no modifications in the contracts of Jenna Lyons, president and executive creative director, or James Scully, chief administrative officer and chief financial officer, both of whom continue to work on the basis of automatic one-year extensions unless notice of nonrenewal is furnished at least four months prior to their anniversary dates. Their base salaries are $675,000 and $600,000, respectively, although their 2010 salaries were $885,000 and $661,000.
Excluding a cash bonus still to be calculated, Drexler last year earned $4.9 million. His $5.8 million in 2009 total earnings included a discretionary cash bonus of $2 million granted “in recognition of both individual and company performance.”
For 2010, the J. Crew ceo is eligible for cash bonuses ranging from $267,000 to up to $2 million if the company achieved earnings before interest, taxes, depreciation and amortization — EBITDA — of at least $280.3 million. Its income from operations — equivalent to earnings before interest and taxes, or EBIT — was $214 million last year. J. Crew expects to disclose Drexler’s bonus no later than April 15.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews