J. Crew’s CEO Resigns After Less Than a Year

J. Crew’s chief executive, Howard Socol, has resigned less than a year after the retail veteran was hired to revive the ailing catalog and retail company. While J. Crew said his departure was not related to the company’s financial performance, industry analysts say its mail-order operation is still troubled and question prospects for its growth. J. Crew said Socol left by mutual agreement, a result of differing perspectives on the vision and approach for J. Crew. Succeeding Socol will be Dick Boyce, president of CAF Inc., an affiliate of Texas Pacific Group, J. Crew’s controlling shareholder since last year. Emily Woods, daughter of J. Crew founder Arthur Cinader, will remain chairwoman of the New York-based company. Socol took over as CEO in February, and his arrival was met with enthusiasm after his successful 28-year career at Burdine’s department store in Miami. In a statement, the company said it had a strong Christmas, and it expects to meet cash flow expectations for the year.