Hong Kong-based sourcing giant Li & Fung saw its shares tumble more than 15 percent Monday after it issued an unexpected profit warning and reshuffled the management of its underperforming U.S. unit.
Li & Fung’s shares closed down 15.42 precent at 11.74 Hong Kong dollars, or $1.51 at current exchange.
On Friday, the company warned its 2012 profits would likely fall short of the prior year’s take of $681.4 million. Core operating profit is expected to fall 40 percent.
Also Friday, the company announced that Dow Peter Famulak has taken over as chief executive of Li & Fung’s LF USA unit from Rick Darling.