Chegg.com Names Daniel Rosensweig As President and Chief Executive Officer Appointment accelerates explosive growth of market leader in textbook rentals
SANTA CLARA, Calif., Feb. 2 /PRNewswire/ -- Chegg.com, the No. 1 online textbook rental company, today announced that it has appointed Daniel Rosensweig as its new President and Chief Executive Officer (CEO). Effective immediately, Rosensweig joins a company that closed $112 million in funding from Insight Venture Partners, Pinnacle Ventures and TriplePoint Capital in November. That round added to the already impressive list of investors including Kleiner Perkins Caufield & Byers, Foundation Capital, Gabriel Venture Partners and Primera Capital.
"We are thrilled that Dan is joining us as our President and CEO," said Osman Rashid, co-founder and chairman of the board at Chegg.com. "Chegg.com has been growing at an exceptional rate, and now is the time to bring in a world class leader that has successfully managed high growth consumer businesses and innovative business models. With Dan's breadth of global business experience and passion for the consumer, we know he is the right person to lead Chegg.com through the next phase of its growth."
Rosensweig joins Chegg.com from Activision (Nasdaq: ATVI) Publishing's Guitar Hero franchise, where he served as CEO and president, launching Guitar Hero 5, Band Hero and DJ Hero in 2009.
A proven leader, Rosensweig was previously the Chief Operating Officer at Yahoo from 2002-2006, where he oversaw the company's worldwide operations including its product development, marketing and advertising sales.
Rosensweig started his career at Ziff-Davis, where he spent 18 years in a variety of senior positions, including president of the Ziff-Davis Internet Publishing group, vice president and publisher of PC Magazine and president and CEO of ZDNet, which he built from a standalone Ziff-Davis company to a publicly-traded, highly-trafficked Internet network.
"The opportunity to lead one of Silicon Valley's fastest growing companies that offers real financial value to students is unparalleled," said Rosensweig. "Chegg.com has a powerful business model and, I believe, the opportunity to transform the textbook industry."
The high cost of textbooks is a real social and economic problem that is burdening millions of students and their families. Chegg.com's innovative and convenient textbook rental model is helping relieve this burden and has already saved students more than $137 million.
"We invested in Chegg.com because of its impressive business model and unique value proposition – helping students and parents save on the overall cost of education," said Deven Parekh, managing director of Insight Venture Partners. "With Dan joining the company, we are building a powerful consumer brand on college campuses across the country."
Chegg.com's transformative concept of money-saving, rental access to textbooks has upended the traditional purchase model, where students had to buy expensive textbooks for only a short duration. Launched nationally in 2007 by Co-Founders Osman Rashid and Aayush Phumbhra, Chegg.com has already made it possible for hundreds of thousands of students at more than 6,400 colleges to save in excess of $137 million. In addition, Chegg.com supports the environment by planting a tree for every textbook rented, bought or sold. To date, the company has planted more than 2 million trees around the world.