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Francesca's Shares Plunge 29% Following CEO Exit, Bleak Guidance

Earlier Tuesday morning, Francesca's Holdings Corp FRAN 29.85% announced the departure of its Chairman, CEO and President, Michael W. Barnes. The resignation is effective immediately, with personal reasons cited as the cause. The company has named the former Lead Director, Richard W. Kunes, the interim Chairman, President and CEO, while a search for a successor is already underway.

Accompanying this news, Francesca's announced some preliminary first-quarter results. The company sees comp sales increasing 2 percent year-over-year, with preliminary EPS estimated at $0.17 vs. an average analyst estimate of $0.20.

Francesca's reports results and will hold the related earnings call on June 9.

Francesca's shares were down more than 29 percent at $10.49 Tuesday morning.

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