Fifth & Pacific Cos. Inc. eliminated more than 100 jobs in its corporate offices as part of previously disclosed efforts to trim costs.
The layoffs in New York and New Jersey are expected to lead to annualized cost savings of about $15 million, according to a filing with the Securities and Exchange Commission.
“We deeply regret that such action was needed, but, as we have discussed publicly, our company structure and processes must reflect our focus on delivering profitability and strengthening our brands to ensure we are as competitive as possible,” said George Carrara, executive vice president, chief operating officer and chief financial officer, in an e-mail to employees Wednesday.
Fifth & Pacific changed its name from Liz Claiborne Inc. last month after refocusing its business on Kate Spade, Juicy Couture and Lucky Brand.
“We have transformed into a direct-to-consumer company focused on building powerful brands around the world,” Carrara said. “Unfortunately, these changes required a rethink of our corporate infrastructure in order to more cost effectively serve our brand operating divisions. Accordingly, we are now taking steps to realign and reorganize our corporate organizational structure.”
The company made a number of tweaks to its executive lineup.
• Elaine Goodell, vice president, corporate controller and chief accounting officer, was named vice president, finance governance and risk management.
• Michael Rinaldo, vice president, corporate finance and assistant controller, was named vice president, corporate controller and chief accounting officer.
• Thomas Caccamo, senior director, global tax planning, is now vice president, global tax.
• John Moroz, senior vice president, global operations, assumes responsibility for the firm’s new shared services functions.
• Bill Higley, vice president, human resources, adds responsibility for payroll.
• Robert Fagan, vice president, FP&A, corporate finance and Adelington Design Group, becomes chief financial officer of Kate Spade.
• Linda Yanussi has joined the company as vice president of its information technology group.
Additionally, Seth Goldberg, Fifth & Pacific’s vice president, internal audit and chief transformation officer, and Michelle Ennis, vice president of finance at Kate Spade, are leaving the company.