Mickey Drexler, J.CrewLAST YEAR: 52.
STAGE OF GLOBAL CONQUEST: J.Crew brand awareness increased thanks to an Obama stimulus, as the First Family wore the label for key photo ops (Michelle and her daughters on Inauguration Day, Barack that night at the balls). Revenues increased 2 percent in the first quarter, and the company’s stock price, which was as low as $9 earlier this year, has since rebounded past $30.
TRIMMING THE FAT: In March, J.Crew saved about $40 million by cutting 95 positions and suspending 401(k) matching contributions and merit-based wage increases for the entire workforce.
FLYING HIGH: In addition to his private-jet use (for which J.Crew paid $911,000 in 2008), last year Drexler, 64, started tooling around in a helicopter. He owns an interest in the chopper and gets reimbursed when he uses it for business.
EMPLOYEE RELATIONS: Drexler, who interviews everyone before they are hired to work at the company’s headquarters, likes to see coffee-shop and restaurant work experience on people’s résumés. He thinks service-industry employees know what hard work means.
I am excited to see Mickey back on the list and in a better position than last year! That speaks volumes about how J.Crew is performing. Also, I found it interesting that he takes out the time to interview everyone (at Corporate) before they are hired (considering how busy he must be). Also, it must be very nice to have a private jet! :)
What do you think about Mickey being a part of Vanity Fair's top 100? Do you agree or disagree with his improvement on the list? Were there any points made that you found particularly interesting? :)
Not sure what to make of it. In one paragraph he is heralded for eliminating 95 positions and suspending 401K matches. In the next, it's all about his helicopter.
ReplyDeleteI agree with Laura's comment. Any way--making a Vanity Fair list??? Who cares? (I mean thanks for the article- post and all...interesting read...but this is "fluff").
ReplyDeleteIt is irritating to read about his helicopter and the money spent at the top while he cuts people jobs, and continues to cheapens the quality of their clothing by cutting corners.
ReplyDeleteThanks for the post...very interesting to read.
ReplyDeleteWow, does this rankle on so many levels. The dichotomy of Drexler helicoptering out to the Hamptons or having a private jet for use while employees have lost their jobs or been frozen out via 401k matching and/or merit raises ... And then the last bit about Drexler "thinks service-industry employees know what hard work means." And the rest of us don't?
ReplyDeleteUp yours, Mr. Drexler. I'm becoming less and less inclined to shop at J.Crew.
At the risk of sounding like a corporate shill (though I have no affiliation with J.Crew other than my obsessive compulsive shopping behavior), it really seems like Milliard Drexler is doing everything *right* -- insomuch as the company is doing better than ever on Wall Street, their popularity is growing and they're taking the measures necessary (reduced inventory, adjusted price points) to succeed in the current economy. There has been a lot of debate about whether CEOs should or should not use corporate jets (or helicopters) to get around, but the discussion typically ends with the fact that a CEO's time can be better spent in private meetings on a corporate jet (getting things done), opposed to standing in long security lines at the airport and *not* being able to do business while traveling. I'm all for arguing the merits of that carbon footprint, but as far as traveling on the company dime, it could very well be justified.
ReplyDeleteWhere I take issue is at whoever was writing this article -- labeling the one paragraph "TRIMMING THE FAT" -- whereas "FAT" includes matching 401k contributions. If employee retention is considered "FAT" then I would never want to work for Vanity Fair. WTF.
I agree with RatsOnParade (well said!)...and thanks Alexis for posting. You and the JCA team = better than a Google Reader could ever be on collecting all the press, however minute or engrossing / fluffy or unfluffy!
ReplyDeleteAnother one who agrees with RatsonParade. While the article isn't appealing to my sense of ethics, I think for the average investor, high-flyn'/high-falootin' VF reader, this is good news. I imagine it's a nice mention for Mickey and Jenna, as this is more their crowd anyway...
ReplyDeleteBut ugh...yeah, I can't in my mind, equate losing jobs and cutting back on 401K matching as any kind of positive - but that's me!
Sounds like he has been to the AIG school of management!
ReplyDeletePeople can have meetings now via video links to get things done. Mickey's the head of a clothing company, not a diplomat who needs to schmooze. I do care about the environmental impact of his ego-driven actions. He needs a helicopter, really? OF course, I also realize the tab for this gets passed along to ... the consumer.
ReplyDeleteLa Belle Helene,
ReplyDeleteI agree.....
The more and more I read about Mickey Drexler and Jenna Lyons, the more I see what bumbling idiots they are.
ReplyDeleteI can like the clothes and not like the message this sends. JMHO but if I were to put myself in the mind of one of their employees reading this, it has a very "let them eat cake" feel to it. If I were Drexler, I would never have allowed them to juxtapose these two paragraphs together.
ReplyDeletejcbellemarie: You are so sweet!!! :)
ReplyDelete