Newegg Names New CEO

City of Industry-based Newegg, an online electronics retailer, said today that the firm has shuffled its executive staff in a major change. According to the firm, Tally Liu, current President of the firm, has been promoted to Chairman and CEO of the company. Liu replaces Fred Chang, one of Newegg's founders. According to the firm, Chang will continue to serve on the firm's board and executive committee, as well as President of Newegg's China operations. Liu has been at Newegg for almost three years, and had previously served at Knight Ridder Inc. and its subsidiaries. Newegg said that it is the second-largest online-only retailer in the United State, with $1.9B in annual sales.