Shake-up at Francesca’s; company taps former Signet Jewelers chief as CEO, chairman

Houston — In its surprise change of leadership, Francesca's Holdings Corp. named Michael W. Barnes as chairman, president and CEO, effective immediately. He joins Fancesca's after serving as CEO of Signet Jewelers since 2011, and leading the company’s $1.46 billion acquisition of Zale Corp. Barnes left the Ohio-based Signet in October, saying he wanted to be closer to his family in Dallas.



At Francesca’s, Barnes succeeds Neill Davis, who has resigned after two years as president, CEO and a director. He also replaces Greg Brenneman as chairman of the board. Brenneman, chairman since 2010, has been named lead director.



The changes comes as Francesca’s gets ready to report its third quarter results on December 10. The retailer has forecase results at the low end of its expecations. In its latest quarter, which ended in August, sales rose 9% but net income dropped 29% on weakness in its core jewelry segment.



“Mike Barnes is a world-class retail executive with a proven history of driving growth at specialty retailing businesses,” said Brenneman. “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. We are confident that he has the vision and skill set to make francesca's one of America's leading specialty retailers.”



Prior to Signet, Barnes Before that, he spent more than 25 years at Fossil Group Inc., becoming president and COO in 2007 (until 2010).



Francesca's operates 538 stores in 47 states and the District of Columbia.