J.Crew Group replaced its chief executive after less than a year in the role, and just a few months after the apparel seller emerged from bankruptcy protection with new hedge-fund owners.
Jan Singer, who took over as CEO in February, was replaced Tuesday by Libby Wadle, a longtime J.Crew executive. Neither of them was immediately available for comment.
A person familiar with the matter described the change as a board decision meant to simplify the management structure. The two executives had split oversight of the company’s brands, with Ms. Singer overseeing J.Crew and Ms. Wadle running Madewell, its faster-growing business.
J.Crew filed for bankruptcy protection in May, and emerged in September with a deal that cut its debt and handed ownership to a group of lenders, led by New York hedge fund Anchorage Capital Group LLC. Anchorage co-founder Kevin Ulrich became J.Crew’s chairman.
Mr. Ulrich has taken a hands-on role that includes attending some management meetings, other people familiar with the company said. They said Ms. Singer had done an admirable job steering the company through the bankruptcy process by meeting financial targets and that the business had stabilized. Ms. Singer was surprised by the decision to change leadership, some of the people said.
