Wal-Mart names new China chiefs

Wal-Mart Stores Inc. (WMT.NYSE) has announced two new executive appointments for its fast-growing China operations, following top-level resignations earlier this month, the Wall Street Journal reported. Mario-Jose Medina, the former chief financial officer of Wal-Mart Puerto Rico and Wal-Mart Chile, will head the company’s financial operations in China, while former senior vice president Del Sloneker will be the company’s China COO. The previous CFO, Roland Lawrence, and COO, Rob Cissell, resigned in mid-May “to explore other opportunities,” according to company spokespeople, and could not be reached for comment. Wal-Mart aims to expand its more than 330 outlets in China, which generated US$7.5 billion in sales last year, or just 2% of Wal-Mart’s global revenue. Wal-Mart plans to delay the closing of a deal to acquire Chinese competitor Trust-Mart, in which it bought a 35% stake in 2007, until January 2012.