"On behalf of the Board of Directors, I want to express our appreciation to Bill for his dynamic leadership of the Company's transformation. We faced some serious issues across our vast portfolio almost immediately upon his arrival. His unyielding drive to succeed has gotten us to where we are today - a thriving company with great prospects for the future."

In his role, Mr. Carrara will serve as Chief Financial Officer in the interim, but the Company expects to name Thomas Linko, currently the Chief Financial Officer and Chief Operating Officer of Juicy Couture, as Chief Financial Officer of Kate Spade & Company in 2014 after the Juicy Couture wind down is substantially complete.

The Company expects to incur one-time non-cash severance charges of $16 million and cash severance charges of $7 million associated with the senior management transition.

Fifth & Pacific