Wal-Mart's top 2 executives resign
By Feng Jianmin |
May 25, 2011, Wednesday
|
Print Edition
Print Edition
TWO top executives have quit Wal-Mart Stores Inc's China unit at a time the company is seeking to expand in the Chinese mainland market.
Wal-Mart yesterday confirmed the departure of Chief Financial Officer Roland Lawrence and Chief Operating Officer Rob Cissell, who submitted their resignation letters "to explore other opportunities."
No replacements for the two men, both senior vice-presidents, were named in the statement.
The statement came just two days before a proposed announcement on the final acquisition of Trust-mart, which has long been held up over regulatory issues.
Wal-Mart bought a 35 percent stake in the holdings company of the Guangdong-based supermarket chain store in 2007 and originally planned to complete the acquisition by February 2010.
Industry insiders suspect the resignations are linked to unsatisfactory performance of the company, according to Huaxi Daily.
Wal-Mart is bracing for expansion in China, where revenue of US$7.2 billion last year was 2 percent of the company's global sales of US$420 billion. The company agreed to buy a stake in web-based retailer Yihaodian earlier this month in an expansion of its Internet offerings in the world's second-biggest economy.
Wal-Mart yesterday confirmed the departure of Chief Financial Officer Roland Lawrence and Chief Operating Officer Rob Cissell, who submitted their resignation letters "to explore other opportunities."
No replacements for the two men, both senior vice-presidents, were named in the statement.
The statement came just two days before a proposed announcement on the final acquisition of Trust-mart, which has long been held up over regulatory issues.
Wal-Mart bought a 35 percent stake in the holdings company of the Guangdong-based supermarket chain store in 2007 and originally planned to complete the acquisition by February 2010.
Industry insiders suspect the resignations are linked to unsatisfactory performance of the company, according to Huaxi Daily.
Wal-Mart is bracing for expansion in China, where revenue of US$7.2 billion last year was 2 percent of the company's global sales of US$420 billion. The company agreed to buy a stake in web-based retailer Yihaodian earlier this month in an expansion of its Internet offerings in the world's second-biggest economy.
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