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Famulak replaces Darling at Li & Fung US

Hong Kong - In an alert to investors on Friday, Li & Fung warned of a projected 40% drop in core operating profit for 2012 and announced Dow Famulak replaced Rick Darling as president of Li & Fung USA effective Dec. 19.
The international sourcing and supply chain firm said much of the profit hit came from slumping business in the U.S.
"Except for LF USA, all other parts of the group's business have performed as expected," the company reported.

Famulak was named president of LF Europe in May 2012 as well as president of DSG, the subsidiary Li & Fung created in 2010 to service Wal-Mart Stores. Famulak joined Li & Fung in 2000 as an executive vp.

The company will disclose full results for the fiscal year ended Dec. 31 in March.

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