Business Intelligence on Retailing, Franchising, and Consumerism in China


Trust-Mart COO Will Resign

After taking the position of COO of Trust-Mart for a year, Meng Yongming will formally resign on April 30.

According to Yu Lin, senior manager of public relations of Trust-Mart, the company has not yet released any relative information about this departure and she has not received any notice from the headquarters. However, an insider says that Meng asked for the resignation in a high-level meeting with Wal-Mart held in Shenzhen and in an internal meeting of Trust-Mart held at its Shanghai headquarters. Wal-Mart recently purchased Trust-Mart.

Chen Yaochang, CEO and president of Wal-Mart China, said in a letter to the staff that Meng's resignation was because of "personal reasons", and the company would announce his successor at a later time. Chen also spoke highly of Meng's contribution to the company.

Meng Yongming has long worked in Wal-Mart and had been president of Wal-Mart Korea. In March 2005, he was appointed CEO of Wal-Mart China and was responsible for Wal-Mart' operation in China along with Yu Jianyi, COO of Wal-Mart China. In March 2007, Meng became COO of Trust-Mart when it was acquired by Wal-Mart.

In the past year, owing to many remaining problems, the integration of Trust-Mart was hard although Wal-Mart controlled the key departments of Trust-Mart in a short time. The most obvious example is that Trust-Mart did not even open one new store over last year. Therefore, Meng's resignation may have something to do with the ineffectiveness of Trust-Mart's integration.






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