Apparel producer Tropical Sportswear International Corp on Tuesday said it had completed its review of strategic alternatives and will restructure as an independent firm which will see some of its management team depart.

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."