Fashion Company Fifth & Pacific Changes Name, CEO Steps Down

New York-based Fifth & Pacific Cos. Chief Executive William McComb has spent the past seven years streamlining the women's apparel powerhouse, selling the Liz Claiborne brand to J.C. Penney, finding buyers for other brands and shuttering the rest, The Wall Street Journal said in a report. Now McComb is down to just one. On Thursday, the company changed its name to Kate Spade & Co. from Fifth & Pacific to reflect its new, singular focus. The fashion company also said that McComb would leave his post, the report stated.