Fifth & Pacific Companies Inc. names successor for William McComb CEO

William L. McComb, the Chairman and Chief Executive Officer at Fifth & Pacific

Companies Inc. is set to step down from his position after seven years. He is to be replaced by Craig Leavitt, who is currently the Chief Executive Officer at the company's owned brand Kate Spade.

McComb joined the company in 2006, when it was known as Liz Claiborne Inc., and turned the company's focus to its four main brands; Kate Spade, Juicy Couture, Lucky Brand jeans and Mexx. However, after the sale of Juicy Couture last year and the finalization of the upcoming sale of Lucky Brand jeans to Leonard Green & Partners, the company is set to become a mono-brand company later this year.

Fifth & Pacific to change company name to Kate Spade & Company

In addition to naming a new company CEO, the company announced that George Carrara, currently the executive vice president, chief operating officer and chief financial officer of Fifth & Pacific Companies, will be promoted to president and chief operating officer. The company also announced a name change. Fifth & Pacific Companies Inc., will change its name to Kate Spade & Company, to truly reflect the company's new mono-brand focus. The company is currently renewing it efforts to bring its Kate Spade brand “to its full potential”.

When commenting on the management change at the company McComb said: “I am personally very excited to see this team - one I have personally cultivated over the years - elevate into these roles. I believe that together they have the proven skill sets, chemistry, and momentum that this fast growing business demands.”

He added: “I can't think of a better person for the President role than George. He has brought tremendous capability to our company-and talent as well. As President, George will play an instrumental role in delivering the long-range plan...Craig and I will be meeting with analysts and investors in the coming weeks to ensure a smooth transition."

Leavitt commented: “We have been on a journey with Kate Spade - one that has taken us across the country and around the world as we build a global, lifestyle brand that remains nimble and innovative, focused on delighting the consumer every time she interacts with us...the greatest thing about the leadership transition of the Company is the continuity. While the name of the Company will change, the brand and operational leadership that got us to this place not only continues, but are enhanced as we merge the Kate Spade and FNP teams."

Nancy Karch, chairman of the board of directors of Fifth & Pacific Companies, Inc., said: “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...on behalf of the Board of Directors, I want to express our appreciation to Bill for his dynamic leadership of the Company's transformation...his unyielding drive to succeed has gotten us to where we are today - a thriving company with great prospects for the future."

The company name change and management changes are set to occur after the release of the fourth quarter earnings on Tuesday , February 25, when the company will also start trading as NYSE:KATE.