SANTA CLARA, Calif. - Chegg, Inc. (NYSE: NYSE:CHGG) announced today the appointment of David Longo as its new Chief Financial Officer (CFO), effective February 21. Longo will be taking over from Andrew Brown, who is retiring after a tenure of over twelve years with the company.
Longo, who currently holds the position of Vice President, Chief Accounting Officer, Corporate Controller, and Assistant Treasurer at Chegg, has been with the company since December 2021. His prior experience includes roles as Chief Accounting Officer at Shutterfly, Inc., and as Senior Vice President and Controller at CBS Interactive.
Dan Rosensweig, CEO and President of Chegg, expressed his confidence in Longo's ability to foster growth and enhance shareholder value, saying, "David's dynamic and forward-thinking leadership has already played a key role in advancing Chegg™s mission of harnessing AI to improve student outcomes."
Rosensweig also acknowledged the significant impact of Andrew Brown's financial leadership in transforming Chegg into a leading learning platform. "I also want to thank Andy Brown for his innumerable contributions to Chegg over the past 12 years. Andy played a key role in transforming Chegg into the leading student-first connected learning platform," he said.
David Longo remarked, "I have seen first-hand how Chegg is leading the charge in utilizing AI to support and enhance student outcomes. I couldn't be more excited by this opportunity to work closely with such a visionary team at such a pivotal time in the education sector. I look forward to driving value not just for Chegg™s shareholders, but also for the millions of students that it serves."
The information in this article is based on a press release.
InvestingPro Insights
In light of Chegg's leadership transition and its ongoing mission to enhance educational outcomes through technology, the financial health and market performance of the company are of particular interest to investors. Chegg's aggressive share buyback strategy, as highlighted in one of the InvestingPro Tips, signals a management belief in the company's value. Additionally, Chegg's impressive gross profit margin of 68.43% over the last twelve months as of Q3 2023, as reported by InvestingPro Data, underscores the company's strong operational efficiency.
While the company is trading at a high earnings multiple with a P/E ratio of 106.74, this could be reflective of investor expectations for future growth, particularly as the edtech sector continues to evolve. The InvestingPro Tips also indicate that analysts predict Chegg will be profitable this year, which may reassure investors of the company's potential to navigate through the current market conditions.
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