Perhaps the third time’s a charm. Women’s fashion and accessories retailer Francesca’s has named Michael Barnes its new chairman, president and CEO. It is the retailer’s third leadership change in a year.
Prior to joining Francesca’s, Barnes served as CEO of Signet Jewelry, where he lead the company’s $1.46 billion acquisition of Zale Corp., which transformed Signet into the largest jewelry retailer in the U.S., U.K. and Canada. He also held various leadership roles during his 25-year career at Fossil Group Inc., including the roles of president, chief operation officer and director.
Barnes succeeds Neill Davis as CEO and president. Davis was named Francescas CEO in 2012. He assumed the additional role of president in January, when Theresa Backes left her posts as the company’s president and COO. The consolidation of titles was a means to streamline operations and management costs.
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Davis’ resignation was announced ahead of the release of Francesca’s third-quarter sales results set for Dec. 10. The company has had a bumpy 2014. In its preliminary results for the fiscal third quarter ended Nov. 1, 2014, results were consistent with the lower end of the company’s guidance. Francesca’s expects net sales of approximately $87 million, a comparable sales decrease of 6 percent, and diluted earnings per share of $0.17.
Barnes will also replace chairman of the board Greg Brenneman, who has been named the company’s lead director.
Brenneman said, “Mike Barnes is a world-class retail executive with a proven history of driving growth at specialty retailing businesses. His ability to set and execute transformational strategic plans, along with his track record of creating value for shareholders, make him the right executive to capitalize fully on Francesca’s solid growth platform.” He added, “We are confident that he has the vision and skill set to make Francesca’s one of America’s leading specialty retailers. We appreciate the contributions that Neill Davis made to Francesca’s and we wish him well in his future endeavors.”
Barnes said, “I am honored by the Board’s confidence in me and look forward to building Francesca’s by leveraging its outstanding brand, unique retailing strategy and deep customer loyalty. I am excited to lead a company with such tremendous potential and look forward to working with the strong leadership team and talented employees at Francesca’s.”
