- After around 14 years in the position
- Praise and thanks for Rosensweig
- Nathan Schultz taking over
- Rosensweig will remain as Executive Chairman at Chegg
- Rosensweig said 61 words
(exechange) — Santa Clara, California, April 29, 2024 — Dan Rosensweig, chief executive of Chegg, leaves his position. As announced by Chegg Inc. in a news release and in a regulatory filing published on Monday, April 29, 2024, Dan Rosensweig leaves his post as chief executive officer at the learning platform, after around 14 years in the role, effective June 1, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Dan Rosensweig’s duties as CEO will be taken over by Nathan Schultz, currently Chief Operating Officer at Chegg Inc.
“This is the right time”
The management change is explained as follows. Rosensweig stated: “As the company embraces AI and embarks on its next big growth opportunity, this is the right time for Nathan to lead Chegg into the AI era.”
“Step up/resign”
Chegg said: “Schultz will succeed Dan Rosensweig, who will step up to the role of Executive Chairman after 14 years as CEO.”
Chegg further said: “Effective as of the Transition Date, Dan Rosensweig, the Company’s President, CEO and Co-Chairperson of the Board, will resign from his positions as President and CEO and be appointed as the Company’s Executive Chair.”
Share price decline since April 2021
The announcement follows a decline in Chegg Inc.’s share price of 92% since April 2021.
In the position of CEO since 2010
Dan Rosensweig became CEO of the Company in 2010.
As Rosensweig transitions to his new role as Executive Chairman, Nathan Schultz will also assume a seat on the Chegg Board.
Rosensweig and Richard Sarnoff will each continue to serve as a Co-Chairperson of the Board.
Dan Rosensweig has served as the Company’s President and Chief Executive Officer since February 2010, as Co-Chairperson of the Company’s Board of Directors since July 2018, and served as the Chairperson of the Company’s Board of Directors from March 2010 to July 2018.
From 2009 to 2010, Rosensweig served as President and Chief Executive Officer of RedOctane, a business unit of Activision Publishing, Inc. and developer, publisher, and distributor of Guitar Hero.
From 2007 to 2009, Rosensweig was an Operating Principal at the Quadrangle Group, a private investment firm.
From 2002 to 2009, Rosensweig served as Chief Operating Officer of Yahoo! Inc., an internet content and service provider.
Prior to serving at Yahoo!, Rosensweig served as the President of CNET Networks and prior to that as Chief Executive Officer and President of ZDNet, until it was acquired by CNET Networks.
Rosensweig currently serves on the boards of directors of Adobe Systems Inc., UpGrad, Inc. and Yumi, each a privately held company.
Rosensweig holds a B.A. in Political Science from Hobart and William Smith Colleges.
61 words by Dan Rosensweig
In the release announcing his departure as CEO of Chegg Inc., Dan Rosensweig received praise and thanks.
In the release announcing his departure as CEO, Dan Rosensweig said 61 words.
“The company embraces AI”
Dan Rosensweig stated: “Nathan has been a key part of our leadership team over the last 16 years, helping Chegg become one of the largest, most accessible, and impactful online education services for students around the world. As the company embraces AI and embarks on its next big growth opportunity, this is the right time for Nathan to lead Chegg into the AI era.”
The above text is an excerpt from the exechange report 19.2024 ($), publication date May 6, 2024.