Liz Claiborne names new CFO |
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Thu, 21 Jun 2007 00:00
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NEW YORK (AP) - Women's retailer Liz Claiborne Inc. on Wednesday named a new chief financial officer, and said it would reorganize its business into two separate divisions in a bid to reduce costs and refocus on its brands.The company appointed Andrew C. Warren to the position of CFO, effective July 9. He will replace former CFO Michael Scarpa, who in late January was named as the company's chief operating officer.Warren has worked at General Electric for 18 years, most recently as senior operations leader, GE Audit Staff. He also served as executive vice president and CFO for GE's NBC Universal Television Group.Liz Claiborne said it will now operate via two divisions -- its retail-based 'direct brands' division and a wholesale-based 'partnered brands' division. The company called the move a 'crucial step' in remaking Liz Claiborne into a more brand-focused and cost-effective business.As part of the realignment, the company will eliminate the previous five group president positions.Jill Granoff, formerly group president, direct-to-consumer, will be executive vice president of direct brands, and will oversee of Juicy Couture, Lucky Brand and Sigrid Olsen, as well as the company's outlet and e-commerce operations.Company President Trudy Sullivan will head the partnered brands division.Shares of the company added 25 cents to $38.20 in aftermarket activity, after closing up 19 cents at $37.95. The stock is down 13 percent since the start of the year.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Liz Claiborne buys half Rodriguez brand 