Francesca's announces CFO transition

By

Robin Driver

Published
Jul 2, 2019

Houston, Texas-based womenswear retailer Francesca’s Holding Corporation announced the departure of Executive Vice President and Chief Financial Officer Kelly Dilts on Monday, naming current SVP and Chief Accounting Officer Cindy Thomassee as her successor.

 
According to the company, Dilts will be resigning from her position effective July 19, 2019, in order to pursue another opportunity.
 
In her new role, Thomassee will oversee all of the retailer’s financial operations and will report directly to Francesca’s Interim CEO Michael Prendergast. She and Dilts will work closely together to ensure a smooth transition.

Thomassee first joined Francesca’s in December 2007, having previously served as controller at LRG Furniture, LLC, a subsidiary of Bassett Furniture Industries for more than eight years.

During her time at Francesca’s she has already served as interim CFO on two occasions, from May 2012 to March 2013, and from December 2015 to April 2016.
 
“We want to thank Kelly for her contributions during her tenure at francesca’s and wish her much success in her future endeavors,” said Prendergast in a release. “Cindy has been a valued member of francesca’s executive management team for many years.  We look forward to her continued financial leadership as we partner together to execute the strategic turnaround plan and return the company to longer-term positive sales, cash flow and operating income performance.”
 
In fiscal 2018, Francesca’s reported a 9% decrease in annual net sales, which totaled $428.1 million. The company’s net loss for the year came to $40.9 million, or $1.18 per diluted share.