USA: Tropical Sportswear Opts To Stay Independent
The Florida-based company, whose brands include Savane and Farah, said it will terminate the employment of Christopher Munday, former president and CEO, Larry McPherson, former executive vice president and CFO, and Gregory Williams, former executive vice president and general counsel, effective August 15.
One-time charges associated with the management changes will be reflected in its fourth quarter results, it said in a statement.
The company named Eloy Vallina-Laguera chairman of the board to replace Michael Kagan who is its new chief executive. Richard Domino has been named president and Robin Cohan has become chief financial officer and treasurer.
Kagan commented: "We believe that we can better enhance long-term shareholder value by remaining independent and restructuring the business.
"The former management team had initiated and completed a number of positive changes in the business and these additional structural changes will further streamline the business by focusing the operations under one well-qualified president.
"We are getting back to our core operations, and these are the additional steps we need to take in getting there."
Help test our new apparel sourcing tool.
- Digitalisation and data to disrupt supply chains
- EU eyes mandatory due diligence for apparel supply
- Unlocks for the future fashion sourcing landscape
- What TTIP might mean for US, EU textiles & apparel
- Geo-political uncertainty and how to survive it
- Li & Fung forms supply chain partnership with PVH
- US Q4 in brief – Finish Line, Oxford Industries
- Big data to help US firms improve clothing fit
- Levi Strauss and ILO probe Cambodia factory death
- Sustainable fashion app to help shopping decisions
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing