News Flash

Fifth & Pacific changes name to Kate Spade & Company

10 Jan '14

4 min read

Nancy Karch, Chairman of the Board of Directors of Fifth & Pacific Companies, Inc., commented: "This is an exciting and momentous day for both Fifth & Pacific Companies and for Kate Spade. Bill, George and the entire FNP team have demonstrated remarkable vision and fortitude, getting us to this pivotal place. Craig, Deborah and the team at Kate Spade have turned a great brand tied to a small, essentially startup company into a substantial growth enterprise - and there is still much upside left to capture.

"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

More Liz Claiborne Inc News... More Apparel/Garments News - United States Of America...