MUSICAL CHAIRS: Kay Koplovitz stepped down as chairman of the board of Fifth & Pacific Cos. Inc. and was succeeded by fellow board member Nancy Karch. Koplovitz will remain a board member. She told shareholders at Fifth & Pacific’s annual meeting Tuesday morning in New York, “I feel the company is in really great shape,” going on to refer to the firm’s history of “challenges” and its recent “transformation.”

Karch, a 13-year board member, chaired Fifth & Pacific’s audit committee from 2000 to 2011.

This story first appeared in the May 15, 2013 issue of WWD. Subscribe Today.

Shareholders reelected all the company’s current directors and approved executive compensation and stock incentive plans for 2013. They also approved amendments to the company’s bylaws, and confirmed Deloitte & Touche LLP as the retailer’s independent accounting firm for fiscal 2013.