Liz Claiborne drops as co. cuts outlook, CFO exits NEW YORK (AP) - Shares of Liz Claiborne Inc. tumbled more than 13 percent Tuesday after the clothing maker cut its fiscal 2012 adjusted earnings outlook and announced that its chief financial officer will leave by mutual agreement in March. The company, which is changing its name to Fifth & Pacific Cos., said late Monday that it now anticipates 2012 adjusted earnings of $125 million to $140 million, down from its previous prediction of $130 million to $150 million. The estimate excludes foreign currency transaction gains or losses. Liz Claiborne, whose brands include Juicy Couture, Lucky Brand and Kate Spade, said its revised guidance takes "a more cautious view on how much cost reduction we can achieve in 2012 versus 2013 as well as a more conservative outlook for the wholesale channel at both Juicy Couture and Lucky Brand." The New York company said its forecast also assumes continued strength at Kate Spade and in Lucky Brand's direct-to-consumer sales. Liz Claiborne's name change is just the latest step that the company is taking as it tries to become a more profitable business. In November Liz Claiborne completed the sales of its Liz Claiborne and Monet brands to J.C. Penney. Liz Claiborne has said that it plans to focus on Juicy Couture, Lucky Brand and Kate Spade, which appeal to well-heeled shoppers. The company also announced Monday that CFO Andrew Warren, who has held the position since 2007, will step down March 16. Discovery Communications Inc. said separately that Warren will become its CFO and executive vice president on March 26. He succeeds Brad Singer, who previously announced that he would leave Discovery at March's end. Liz Claiborne said it has started a search for Warren's replacement. Warren will transition his finance duties once a replacement is named. His other responsibilities, including information technology, real estate, and special sales, will be assumed by CEO William McComb for now. Liz Claiborne expects its name change and trading under its new ticker symbol, FNP, will take effect around May 15. The company's stock slid $1.34, or 13.4 percent, to $8.60 in morning trading. Over the past year, the shares have traded in a range of $4.02 to $9.93.