Francesca's overhauls leadership with new chairman, president and CEO

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Neill Davis, president and CEO of Francesca's, will resign, and Michael Barnes will assume his positions.

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Nora Olabi

Editorial intern- Houston Business Journal

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In a surprise leadership change marking its third president in one year, Houston-based retailer Francesca's Holdings Corp. (Nasdaq: FRAN) named Michael Barnes chairman, president and CEO of the company, effective immediately.

Barnes succeeds Neill Davis as president and CEO, who resigned as the retailer gears up to announce its third-quarter results Dec. 10. Francesca's has struggled financially in 2014, with significant profit drop in the last quarter and falling stock prices this year.

Barnes also replaces Greg Brenneman as chairman. Brenneman has been named lead director, according to a statement from the company.

Prior to joining Francesca's, Barnes served as CEO of Signet Jewelers Ltd. (NYSE: SIG) for three years, where he led the company in its $1.5 billion acquisition of Zale Corp. He has also served as COO of the fashion accessory company Fossil Group Inc.

The company has already restructured its leadership this year, consolidating the CEO and president roles. Click here to read more about the company's growing pains since it went public in 2011.

Francesca's operates 538 apparel and accessories boutiques across the country.