Netflix CFO To Join Chegg.com Board of Directors
Leading Online Textbook Rental Company Positioned for Continued Growth With Addition of Barry McCarthy to Board
SANTA CLARA, Calif., March 16 /PRNewswire/ -- Chegg.com, the number one online textbook rental company, today announced that it has elected Barry McCarthy, chief financial officer of Netflix, to the company's Board of Directors.
"Barry has experience helping emerging online companies grow into category leaders and we are thrilled to have him join our Board," said Daniel Rosensweig, president and CEO of Chegg. "Barry's knowledge of online business models, his financial acumen and hands-on experience will contribute to Chegg's future success."
McCarthy has served as CFO at Netflix since 1999 and is responsible for finance, legal affairs, content operations and employee services at the company, which was launched in 1999 and has grown to 12.3 million subscribers and more than $1.67 billion in revenue at the end of 2009.
"As a key player in the online textbook rental market, Chegg has a tremendous opportunity to expand and lead the category," said McCarthy. "I look forward to working with the members of Chegg's Board to help execute the strategic plan for growth."
McCarthy also serves on the Board of the Palo Alto-based online investment company kaChing. He holds an M.B.A. from The Wharton School of Business at the University of Pennsylvania and a bachelor of arts degree from Williams College.
Founded in 2007, Chegg helps solve a pain point for the 18.4 million college students across the U.S. – the high cost of textbooks. Chegg gives students access to 4.2 million textbook titles from an online catalog, lightning fast shipping and free returns. Students who rent all their textbooks from Chegg can save, on average, $500 or more a year. The company has already saved students more than $164 million dollars. In addition, every time a student rents from Chegg, the company plants a tree on their behalf. Chegg has grown into a respected and trusted brand used by college students on campuses nationwide and was recently named one of the Top 50 Venture-Backed Companies Next Big Thing by Wall Street Journal.
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