World News

J.Crew Group appoints former Victoria’s Secret executive as CEO

(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 Inc <AMZN.O> that have been eating into traditional retailers’ market share.

Singer resigned from L Brands <LB.N> 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

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)