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Co-founders Of Walmart's China E-commerce Venture Resign

July 14, 2015: 12:00 AM EST
Wal-Mart Stores Inc. said the co-founders of its Yihaodian e-commerce business in China will leave the company. Citing plans to pursue new ventures, Yu Gang and Liu Junling are resigning as chairman and chief executive, respectively, of the online retailer. Wal-Mart holds a 51 percent stake in Yihaodian, which represents the American retailer's efforts to expand its online business in China. After the founders' departure, Wal-Mart is expected to expand its role in running the company, which for years has resisted the retail giant's efforts to consolidate the companies' logistics operations.
Sarah Nassauer And Laurie Burkitt, "Co-Founders of Wal-Mart’s Chinese E-Commerce Venture to Leave", Wall Street Journal, July 14, 2015, © Dow Jones & Company Inc.
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