Best Buy’s Top China Executive Steps Down
Another executive from Best Buy Company, Inc., has left the Richfield-based electronics retailer—this time the company’s top leader in China.
Nicholas Wang, the CEO of Best Buy’s Five Star electronics chain in China, left the company earlier this week to “pursue other community and business interests,” according to a report by the Star Tribune.
Best Buy bought Five Star, one of China’s largest electronics retailers, for $180 million in 2006. In the past, it has been cited as a key component in the company’s international growth strategy.
But Best Buy has been going through a tumultuous turnaround effort, which has reportedly led to speculation that it may divest Five Star, as well as its European joint venture, Carphone Warehouse.
Wang’s exit marks the latest departure in a stretch of executive turnover at Best Buy, which has included the appointment of CEO Hubert Joly and Chief Financial Officer Sharon McCollam, both of whom have been given credit by analysts for helping the company exhibit early signs of a turnaround.
Other Best Buy leaders to depart in the past year include digital executive Stephen Gillett, Dave Deno, who served as chief financial officer of Best Buy’s international division and as president of its Asia region, and more recently, George Sherman, the executive in charge of Geek Squad.