HOUSTON (AP) — Clothing and accessories company Francesca's said Monday that President and Chief Operating Officer Theresa Backes is leaving the company.
Francesca's said the move took effect Monday and said it won't hire a new COO. CEO Neill Davis is being given the title of president, and the responsibilities Backes handled as chief operating officer will be given to Davis and other executives.
Backes had been with the company since 2007.
Francesca's Holdings Corp. said Davis won't receive any additional compensation as a result of the change. In a news release, Davis said the elimination of the COO position will allow him to work more closely with the rest of the company's management.
On Jan. 10 Francesca's raised the low end of its forecasts for fourth-quarter net income and revenue, saying its sales were strong over the holidays. Shares jumped 24.4 percent that day, to $22.50 from $18.08, but have since returned most of those gains.
On Monday, its shares rose 21 cents, or 1.1 percent, to $19.80 in morning trading.