According to reports in local media, Chen Yaodong, president of Home Depot China, has resigned.
Before joining Home Depot in February 2007, 52-year-old Chen had been chairman of Beijing Hualian Hypermarket from November 2004. Prior to that, Chen was vice president of Carrefour China.
Due to the global financial crisis, Home Depot's performance around the world has suffered dramatic decline. Since the company acquired the Tianjin HomeWay Building Materials Supermarket at the end of 2006, it has only achieved a mediocre performance and its development and expansion had become stagnant. In November, Chen suddenly announced his departure from Home Depot China.
Following Chen's departure, Home Depot China's vice president of procurement will temporarily act as president of the company.
Founded in 1978, the Home Depot is one of the world's largest home improvement retailers. With more than 2,260 stores all over the world, Home Depot acquired the HomeWay in Tianjin, China at the end of 2006 and operated 12 stores in Beijing, Tianjin, Xi'an, Qingdao, Shenyang, and Zhengzhou.