USA: J Crew Group CEO Leaves Company
The chief executive of apparel retailer J Crew Group Inc, Mark Sarvary, has left the company by mutual agreement and will no longer be a member of the board, it was announced on Wednesday.
The New York-based company said in a statement it was "aggressively" searching for a replacement. Only two weeks ago, Scott Formby, the company's executive vice president, design, left the firm.
J Crew COO, Walter Killough, said: "Mark was instrumental in making significant operational improvements to the organisation during the past three years."
J Crew lost $11 million in fiscal 2001, compared to a net profit of $11m in 2000. It cited a difficult environment and weak retail market for the downturn in its fortunes.
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