William McComb

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. 

Liz Claiborne Inc. said Tuesday that it's officially changed its name to Fifth & Pacific Cos., following an initial announcement in January that it would do so. The company sold the Liz Claiborne and Monet brands to J.C. Penney in November, freeing it up to concentrate more fully on its Juicy Couture, Lucky Brand and Kate Spade labels. “As we say a final goodbye to the iconic Liz Claiborne name, we know the time is right for a change, and we welcome our bright new future as Fifth & Pacific Companies,” CEO William McComb said.