Chegg CEO steps down amid major AI-driven restructure — from linkedin.com by Megan McDonough
Edtech firm Chegg confirmed Monday it is reducing its workforce by 45%, or 388 employees globally, and its chief executive officer is stepping down. Current CEO Nathan Schultz will be replaced effective immediately by executive chairman (and former CEO) Dan Rosensweig. The rise of AI-powered tools has dealt a massive blow to the online homework helper and led to “substantial” declines in revenue and traffic. Company shares have slipped over 10% this year. Chegg recently explored a possible sale, but ultimately decided to keep the company intact.