STORY: Burberry endured a torrid start to the week on Monday (July 15) as shares sank over 13%.
The British luxury fashion brand announced it had removed CEO Jonathan Akeroyd after just two years.
He's replaced by former Michael Kors head Joshua Schulman.
Burberry also issued a profit warning and suspended its dividend.
A slow down in the luxury sector hit Burberry harder than rival brands.
Shoppers in the U.S. and Europe have grown more cautious as the cost of living has risen.
While a property crisis and record youth unemployment have hurt demand in China.
It has derailed the company's efforts to move upmarket, and led to the latest change at the top of the company.
Underlying sales slumped just over a fifth for the 13 weeks to June 29.
The company said weakness in its market deepened, and warned current trends would see it miss forecasts for annual profit.
It also said it would scrap this year's dividend to invest in growth.
Burberry has been in turnaround mode for sometime under a number of different bosses.
It said Monday it would switch its offer back to be "more familiar" to its "core customers".
The company further added Chief Creative Officer Daniel Lee wasn't going to leave.
