According to reports in Chinese local media, Shawn Gray, operating vice president of the Chinese region of Wal-Mart Stores Inc., has resigned.
This is reportedly the third executive who left Wal-Mart China in less than a month. Not long ago, Wal-Mart China's chief financial officer, Roland Lawrence, and chief operating officer, Rob Cissell, resigned.
Wal-Mart announced that Gray departed for personal reasons and the company did not provider the name of a successor.
At present, Wal-Mart has over 330 stores in China and the company plans to further enlarge its market share in this marketplace. Statistics from the consulting firm Monitor Group show that by sales, Wal-Mart's megastores gained 5% market share in 2010. The retailer's operating revenue in China was USD7.5 billion during the year 2010, accounting for merely 2% of its USD420 billion worldwide revenue.