Francesca's Holdings Corporation announced the appointment of Mr. Andrew Clarke as the Company's President and Chief Executive Officer (“CEO”) and as a member of the board of directors, effective March 9, 2020. Mr. Clarke will replace Mr. Michael Prendergast who has served as Interim CEO since February 4, 2019. As part of the Company's consulting agreement with Alvarez and Marsal (“A&M”), Mr. Prendergast will remain with francesca's for a period of time to ensure a seamless transition.

In addition, A&M's merchandising, planning and allocation consulting services will continue until those roles are replaced. Mr. Clarke brings 25 years of specialty retail experience to francesca's, including five years of c-suite leadership positions with U.S. retailers and 20 years spent at three of Europe's retail groups. Most recently, he served as President of LOFT, a women's specialty apparel retail brand owned by Ascena Retail Group.