Report: Walmart's Chinese e-commerce firm loses execs

Walmart's Asian business is regrouping after the founders of the retailer's e-commerce arm in China, Yihaodian, have left the company, according to Bloomberg.

The news service reported the company confirmed Wednesday that Yu Gang, Yihaodian’s chairman, and Liu Junling, the CEO, left to start a new venture.

"Yihaodian co-founders, Chairman Gang Yu and CEO Junling Liu have announced they are leaving Yihaodian," Walmart said in a statement, adding that it is recruiting other leaders. The U.S. company "will work to accelerate (Yihaodian's) growth ... and Walmart continues to be committed to investing in China and in e-commerce."

In 2012, Walmart took control of Yihaodian.com by bumping up its stake to 51 percent, scouring for new sources of revenue outside traditional retail amid tough competition and hoping to latch onto a boom in Chinese e-commerce, according to Reuters.

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