Francesca’s Holdings Corp. (NASDAQ: FRAN) shares saw a major downturn on Tuesday after the firm announced that it would be making a change at the top. Specifically, the CFO will be resigning later this month. This is part of the company’s turnaround effort, but is it enough?

This announcement comes amid declining sales, job cuts, and store closures. So far in 2019, Francesca’s has underperformed the broad markets with its stock down about 54% year to date. In the past 52 weeks, the stock is down closer to 94%. Note that these numbers are prior to the 12-1 reverse stock split that took place on July 1.

As for the executive shift, Kelly Dilts executive vice president and CFO will resign from her position effective July 19, 2019 to pursue another opportunity. Francesca’s has named Cindy Thomassee, currently serving as senior vice president and chief accounting officer, to assume the role of executive vice president and CFO.

Thomassee will report directly to the Interim CEO, Michael Prendergast. Dilts will work closely with Thomassee in the meantime to ensure a smooth transition.

Prendergast commented:

We want to thank Kelly for her contributions during her tenure at francesca’s and wish her much success in her future endeavors. 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.

Shares of Francesca’s were last seen down over 12% at $4.63, with a 52-week range of $0.37 to $8.48. The consensus analyst price target is $1.75.

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