The company announced on Monday that Millard Drexler, the legendary merchant who masterminded the reinvention of the former preppy catalog brand but could not stop its decline, would step aside as chief executive.

The decision to step aside was made by Mr. Drexler, according to a spokeswoman for the brand.

“As chairman and an owner of the company, it is my responsibility to focus on the future of J. Crew and find the right leadership to execute on our strategic plans,” Mr. Drexler, 72, said in a statement. “Jim has a proven track record of pushing for innovation

Same-store sales at J. Crew have fallen in 11 of the last 12 quarters, and the company shut its bridal business last year. In March, J. Crew, which is backed by the private equity firms TPG Capital and Leonard Green & Partners, said revenue fell 2 percent, to $695 million, during the three-month period that ended Jan. 28. In April, it announced plans to eliminate 150 full-time positions.

Source: New York Times, Daily Stock Deals