Monday, August 16, 2010
NewEgg Loses CEO
City of Industry-based Newegg, the online retailer of electronics, computer, and other items, said Monday afternoon that CEO and Director Tally Liu has departed the firm. The firm said that Foudner and Chairman Fred Chang resumes his role as CEO of Newegg, with S.C. Lee, EVP and company director, now appointed as acting President of Newegg North America. No reason for the executive change was given. Newegg said it has retained an executive recruiting firm to find a new CEO for Newegg's non-China businesses, to replace Liu. Newegg is venture backed by Insight Venture Partners, which expressed support for the executive changes. Newegg, which says it is the second largest online-only retailer in the United States, is one of the Southern California firms currently in the IPO queue.