Newegg Announces Major Change in Executive Leadership
7/30/2008 Press Release
President Tally Liu Promoted to Chairman and CEO # # #
CITY OF INDUSTRY, Calif. -- Leading US online retailer Newegg Inc., the operator of Newegg.com, announced a major change in its executive team. Tally Liu, President of Newegg, has been promoted to Chairman and CEO to succeed Fred Chang, effective August 1, 2008.
"I have big shoes to fill," said Liu. "Fred Chang envisioned Newegg and in seven short years built a small startup into an e-commerce titan and one of the most savvy tech retailers on or off the web. His leadership philosophy of constant innovation and outstanding business integrity is a model I look up to and one I am planning to continue in my new role."
For almost three years, Liu served as the Chair of Newegg's Audit and Compensation Committees, and he assumed the role of Company President in February 2008.
Before joining Newegg, Liu was Vice President of Internal Audit at Knight Ridder Inc., a major media chain acquired by The McClatchy Company. For nearly three decades, Mr. Liu held various executive finance positions within Knight Ridder and its subsidiaries.
"I am very pleased to be handing off the roles and responsibilities of Chairman and CEO to Tally," said Chang, who is also one of Newegg's founders. "Tally has earned widespread trust and admiration for his strong leadership qualities and unbending dedication to ethical business practices. I am convinced that he shares in, and is the right person to perpetuate, my vision for Newegg. He has my full support and confidence."
On a moving forward basis, Chang will continue his involvement with Newegg as a member of the Board of Directors and Executive Committee, and will also continue to serve as the President of Newegg's China operations.
Newegg Inc. is the second-largest online-only retailer in the United States. Founded in 2001, Newegg has more than 9.4 million registered users and earns industry-leading customer service ratings. At its award-winning web site, www.newegg.com, customers can shop for a comprehensive selection of the latest high-tech products, view detailed product descriptions, pictures, how-to information and customer reviews, and interact with members of the technology enthusiast community. Newegg Inc. is headquartered in City of Industry, California.
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