Help wanted: Francescas seeks CEO

Francesca’s Holdings is looking for a new CEO after the abrupt departure of former Chairman, President and CEO Michael Barnes and weaker than expected first quarter guidance caused the company’s shares to plummet.



Francesca’s announced that Barnes had resigned for personal reasons effective immediately before the market opened on May 17. The company also said its expectations for first quarter same store sales of 2% and earnings per share of 17 cents were trending below analysts’ expectations for a 5.4% comp increase and earnings per share of 20 cents.



“We wish Mike the best in his future endeavors. During his tenure, Mike built a strong leadership team of highly accomplished and talented executives,” said Richard Kunes, Francesca’s former lead director who will assumed Barnes’ responsibilities on an interim basis. “The Board has the utmost confidence in the management team to execute the business plans for fiscal year 2016 and the initial strategies of Vision 2020, the company’s long range plan.”