Francesca’s picks Signet chief as CEO

Struggling retailer Francesca's has named specialty retailing veteran Michael W. Barnes as president and CEO.

Greg Brenneman, chairman of the board since 2010, was named lead director.

Barnes had been CEO at Signet since 2011 and led Signet’s $1.46 billion acquisition of Zale Corp. Before that, he spent more than 25 years at the fashion company Gossip Group Inc., becoming president and chief operating officer in 2007.

“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,” Brenneman said of Barnes.

The company in June reported plans to clear out slow-moving inventory. In its most recent quarter, Francesca’s reported a profit decline of 30% on weakness in its jewelry segment.

Francesca’s focuses on 18-to-35-year-old female customers, and designs locations to look and feel like independently owned upscale boutiques. Francesca's operates 538 boutiques in 47 states and the District of Columbia.