Mickey Drexler, who resigned as CEO of Gap Inc. in September 2002, will be named president and CEO of specialty apparel retailer J. Crew, according to a report in today’s Wall Street Journal. Drexler will take over for current CEO Ken Pilot, who served as president of Gap’s international division before joining J.Crew.

Drexler is bringing Jeff Pfeifle, former executive vice president of Gap’s Old Navy division, to J.Crew as president. The report says Texas Pacific Group, which owns 60 percent of J.Crew, plans to invest $10 million in the company, while Drexler himself will pony up $10 million. J.Crew is in need of a rehab — the retailer, which operates 150 stores in addition to its catalog business, saw 2002 sales slip to $750 million from $778 million in 2001.