After a long executive search, Regis Corp. has named Daniel Hanrahan CEO of the $2.3 billion hair salon chain, effective Aug. 6.

The announcement was made Wednesday after the stock market closed. Regis' stock fell 6 cents to $17.20 a share.

Hanrahan, 54, is the former CEO and president of Celebrity Cruises, a division of Royal Caribbean Cruises. In addition to becoming CEO, Hanrahan will join the Regis board of directors.

He follows three CEOs in rapid succession.

In February Regis' then-CEO Paul Finkelstein, 69, stepped down after pressure from an activist hedge fund. Regis President Randy Pearce was scheduled to succeed Finkelstein, but instead retired on June 30. Interim Chief Operating Officer Eric Bakken was then named interim CEO.

Now Hanrahan takes the job permanently.

In making the announcement, Regis officials credited Hanrahan with reinvigorating "the customer experience and culture at Celebrity Cruises, while overseeing the development and implementation of the company's growth strategy."

Shareholders of the hair care company hope he can work such magic again, this time bringing stability and growth to Regis, which has struggled with the economic slowdown.

Edina-based Regis lost $57.4 million in the second quarter and another $1.4 million in the third. Tuesday it reported fiscal fourth-quarter revenue that fell $24 million from a year ago to $568 million. The results created the 16th consecutive quarter in which same-store sales declined.

The new CEO has his work cut out for him. But company officials insist he is up to the task.

"Dan is a proven, results-oriented leader who understands the value of the customer experience and will be a great asset to Regis," said Regis Chairman Joel Conner in a statement. "With his operational background and extensive experience across a wide spectrum of consumer-facing brands, Dan is the ideal candidate to drive Regis' comprehensive strategy to improve the salon experience and enhance value for our shareholders."

In a statement, Hanrahan said he was pleased to join Regis during "this exciting time in its history."

He said he plans to focus on customer retention, enhancing the salon experience and driving up both store sales and shareholder value.

Hanrahan has been with Royal Caribbean since 1999. Before heading its Celebrity Cruise line, he was senior vice president of marketing and sales for Royal Caribbean International.

Earlier, he spent two years at Polaroid Corp. and nine at Reebok International Ltd.

Dee DePass • 612-673-7725