Greg Brenneman, Non-Executive Chairman of the Board, said, "John has done an amazing job building Francesca's into one of the country's fastest growing and profitable specialty retailers. While we will miss John's many talents, we understand and support his decision to begin a new chapter in his life. We are fortunate that John has assembled an experienced team of high performing executives who have helped John drive the Company's outstanding performance and we are confident that the business model and infrastructure established will allow that success to continue."
Mr. Brenneman concluded, "Neill is a highly qualified and seasoned retail executive. His experience in helping Men's Wearhouse realize double-digit compound annual growth rates in sales and profitability during his 15-year tenure will be invaluable in the coming years. The board looks forward to working closely with Neill, Theresa and the rest of Francesca's executive team in the years to come."
Mr. De Meritt said, "I have been involved with Francesca's for over 10 years and overseeing the daily operations for the last six years. I have decided that it is an ideal time for me to pursue my many other interests and to allow those who have worked closely with me during that time to take over leadership of the Company. I have enjoyed recruiting and fostering this talented senior executive team and together with them, building the foundation to continue to deliver outstanding results. With Francesca's performing exceptionally well and its strong financial and competitive position, I believe the Company has a very bright future."
Mr. Davis has been with Francesca's since 2007, first joining as a member of the Board of Directors. Until his appointment as President, Mr. Davis also served as Chairman of the Audit Committee of the Board. Mr. Davis has extensive leadership experience in the retail industry including 15 years at The Men's Wearhouse where he served in the senior executive positions of Executive Vice President, Chief Financial Officer, Treasurer and Principal Financial Officer.