Shanghai, Best Buy Co. said the VP, chairman and general manager of its China division, Weimin Lu, resigned for personal reasons, according to The Wall Street Journal.

Best Buy spokesman Ron Channg denied media reports that Lu's departure was related to the division's failure to meet targets.

"Our sales results grow by the day. The fact that we're going to open our second store in China next week demonstrates our optimism about our prospects in China," Channg said.

Best Buy is still seeking a successor for Lu.