Best Buy's top executive in China steps down

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Best Buy Co. says its top China executive, Nicolas Wang, has resigned to “pursue other community and business interests," the Star Tribune reports.

Wang was the chief executive officer of the Five Star electronics chain in China -- which the Richfield-based consumer electronics giant bought in 2006 for $180 million.

“Nicolas has been a key leader in Best Buy’s China operations,” Shari Ballard, president of Best Buy International, said in a statement to the newspaper on Wednesday. “We are grateful for his many contributions and his colleagues and I wish him the very best as he enters the next phase of his life and career.”

The Business Journal notes there is growing speculation that Best Buy could sell its international operations -- a move that could generate $600 million to $900 million for the retailer.

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