Newegg.com Promotes CEO to Vice Chairman; Adds New CEO
February 1, 2005 Press Release
LOS ANGELES, Calif. –February 1, 2005– Newegg.com®, a leading online e-commerce retailer of computer components and consumer electronics, has promoted Ken Lam, formerly US CEO, to the office of Vice Chairman and assigned former Strategic Officer Simon Hsieh to the post of CEO.
The appointments arrive just as the fast-growing e-commerce company, popular with do-it-yourself computer and consumer electronics enthusiasts, reports that, in four years in business, Newegg.com’s annual revenues are approaching $1 billion (USD).
“Today is an exciting time for Newegg,” said Fred Chang, Founder and Chairman of the Board. “We’ve successfully positioned our business to reach this tremendous milestone, so we want to reward two wonderfully talented people and draw attention to the role these individuals have played in our success. Ken Lam’s leadership has guided the growth of the company starting from zero, and steadily growing the organization to the point where we are today. Simon, our former strategy officer, takes on his new challenge as CEO, bringing extensive global marketplace experience and a well-connected human resources network; as well as a creative business approach that will not only build our brand, but help establish our foundation for globalization; all the while expanding our market share. I feel extremely confident that these two appointments posture us for a successful future.”
“Newegg.com has been successful because the company has evolved as quickly as the times,” said Ken Lam. “More importantly, we plan to maintain the momentum built over the last four years by bringing innovation, efficiency, and advancement to our processes, along with bringing the latest technology and consumer electronics products to the fore and offering the widest selection, superb customer service and great prices”.
“Newegg.com is more than an e-tailer today,” stated Hsieh. “Most Internet-based stores are focused solely on moving boxes. Given our unique and specific focus upon the customer, Newegg.com has become the Internet’s premier destination for computer parts and consumer electronics. We work closely with our partners to stimulate mutual growth, and to continuously improve the Newegg.com shopping experience. We are now able to definitively claim the role of a brand-developing, eMarketing engine, as well as a company who initiates marketing activities which stimulate sales for our manufacturing partners; helping them grow along with us.”
“Our goal is to please every customer.” Added Hsieh “The sustained growth we have had since our establishment suggests that Newegg.com is fulfilling that mission. But, to take our organization to the next level, we must now stake our claim as a global eMarketer. We plan to take our business model – offering the IT and consumer electronics customer a completely intuitive online shopping experience, superior service and attractive prices – to other markets.”
Hsieh brings over 30 years of creative business sense and over the past year has served Newegg.com as a senior level marketing and operations officer. Before joining the e-commerce company, Hsieh served as VP of Sales and Marketing, D-Link Corporation; President, ATM Communications; VP of Primax Electronics; Marketing Director of Microtek International Inc.; Senior Consultant, Kingstate Electronics; Senior Advisor, Taiwan-CA.com; Senior Advisor, ICP Electronics; and Principal Advisor, NEC Taiwan.
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