SunOpta sinks after company dismisses CEO, CFO

Shares of SunOpta Inc., which sells personal care products and natural and organic foods, sank more than 22 percent Friday after the company said it is replacing its two top executives following an ongoing audit investigation.

The company said late Thursday it is replacing Chief Executive Steve Bromley and Chief Financial Officer John Dietrich in response to an ongoing probe into a large write-down in its berry business.

SunOpta said Bromley and Dietrich will leave their current positions by December. Bromley will remain on the board until his term ends next year.

"We are somewhat surprised by the board's move and believe it is premature to begin speculating about the impact of these changes," RBC Capital Markets analyst Edward Aaron said in a client note.

The stock fell $1.43, or 22.1 percent, to $5.05 in midday trading, after falling as low as $4.73 earlier. The stock's 52-week low is $4.56.