Wal-Mart names new bosses for China operations

Medina is currently Wal-Mart’s Chile CFO while Sloneker has served as senior vice president in several functions in the company.

Seasoned campaigners
Both the fresh appointments are with immediate effect and Medina and Sloneker will take over their new roles as soon as they complete the procedural formalities.

"Both executives bring with them years of experience and a solid understanding of the retail market in China," said Ed Chan, chief executive of Wal-Mart's China operations.

Barely a week back Roland Lawrence, Wal-Mart’s CFO for China and Rob Cissell, the retailer’s China COO, had resigned "to explore other opportunities."

In recent years the Bentonville, Arkansas based retailer has sought to expand aggressively in China which is among the fastest growing economies of the world.

The multinational retailer had ventured into China in 1996. As a part of its strategy to increase its foothold in the lucrative Chinese market, Wal-Mart intends to buy a minority stake in Chinese e-commerce company Yihaodian.

Wal-Mart in China
Wal-Mart clocked revenue of $7.5 billion, or 2 percent of Wal-Mart's $420 billion in annual revenue, in China last year. Revenue at the international division of the retailer rose 11.5 percent in the first quarter, buoyed primarily by gains in markets such as China.

Currently, Wal-Mart operates more than 330 outlets in China.

The multinational retailer had ventured into China in 1996. As a part of its strategy to increase its foothold in the lucrative Chinese market, Wal-Mart intends to buy a minority stake in Chinese e-commerce company Yihaodian.

The acquisition will strengthen the world's largest retailer's foothold in the Chinese online business. Late last year, Wal-Mart had invested in 360buy, China's top online seller of consumer electronics and communications products.

Wal-Mart has however delayed its plans of acquiring Chinese mega store Trust-Mart until January 2012.