In connection with a restructuring of management, Theresa Backes, President and Chief Operating Officer of francesca's, left the Company effective January 27, 2014.
On January 24, 2014, the board of directors appointed Neill P. Davis, francesca's current Chief Executive Officer, to the additional title of President, effective as of January 27, 2014. Mr. Davis will hold dual titles of President and Chief Executive Officer. Mr. Davis' compensation arrangements have not been changed in connection with his appointment to such additional title.
The Company will not replace the Chief Operating Officer position and will realign these responsibilities among Mr. Davis and the Company's other existing executive officers.
Neill P. Davis, francesca's Chief Executive Officer, stated "We appreciate the many contributions that Theresa made during her time with us. Theresa played an important role in developing our growth strategy and enhancing the francesca's shopping experience. She was also instrumental in building a strong bench of operational talent within our organization. We wish her well in her future endeavors." Ms. Backes joined francesca's in 2007 and has over 20 years of experience in the retail industry.
Mr. Davis also stated "We believe this reorganization will bring me closer to others within our management structure as we focus on growing our business. We believe our differentiated business model, combined with our retail growth strategy and execution of our operational initiatives will continue to drive improvements in long-term shareholder value."
About Francesca's Holdings Corporation
francesca's is a growing specialty retailer with retail locations designed and merchandised to feel like independently owned, upscale boutiques providing customers a fun and differentiated shopping experience. The merchandise assortment is a diverse and balanced mix of apparel, jewelry, accessories and gifts. Today francesca's operates 451 boutiques in 45 states and also serves its customers through francescas.com.
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