Wal-Mart’s Chinese E-Commerce Company Yihaodian Loses Founders
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Wal-Mart Stores Inc. is regrouping again in China after the founders of a local e-commerce company it controls left to start a new venture.
New leaders are being recruited to replace the chairman and chief executive officer of Yihaodian, a business started in 2008, according to an e-mailed statement from Wal-Mart on Wednesday. Yu Gang, Yihaodian’s chairman, and Liu Junling, the CEO, couldn’t be immediately reached for comment.