Best Buy hires new CEO for China operations

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Best Buy Co. has named Meng (Max) Zhou to serve as the new leader of its China business, Twin Cities Business reports. Zhou will oversee the company's Five Star electronics chain.

Zhou replaces Nicolas Wang who left the company in March to “pursue other community and business interests."

“Five Star has built a strong presence in the world’s largest and rapidly growing consumer electronics market,” Zhou said in a statement, the Business Journal reports. “Our business has great opportunities, and we are determined to drive our performance by meeting the changing needs of our customers.”

Zhou was most recently CEO of the China operations for Central Retail Group.

The Star Tribune notes the move to hire Zhou comes at a time when there is growing speculation that Best Buy CEO Hubert Joly will pull away from international markets to focus on Best Buy’s North American operations.

Last month, the Richfield-based consumer electronics giant agreed to sell its 50 percent stake in a European joint venture for roughly $775 million in cash and stock.

Click here, to follow Best Buy's stock performance.

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