Michael W. Barnes has resigned as chairman, president and chief executive officer of Francesca’s Holdings Corp.
The company said his resignation was for personal reasons, effective immediately.
Richard W. Kunes, Francesca’s former lead director, has been named interim chairman, president and ceo. Kunes has served on the company’s board since February 2013, and as the lead director from July 2015 until his appointment as interim ceo.
The company said it has begun a search for a successor.
Kunes said, “We wish Mike the best in his future endeavors. During his tenure, Mike built a strong leadership team of highly accomplished and talented executives. 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.”
Kunes was executive vice president and senior adviser to the ceo at The Estée Lauder Cos. Inc. from August 2012 to June 2013. Before that, he was executive vice president and chief financial officer at Lauder for 12 years, as well as holding other financial management positions there, including corporate controller. He is also a member of the board and head of the audit and finance committee at Tory Burch LLC.
Francesca’s also provided preliminary comparable sales for the fiscal first quarter ended April 30, noting that comps rose 2 percent when compared with the year ago quarter. It guided preliminary earnings per share to be 17 cents for the quarter.
Francesca’s will post first-quarter results on June 9.