Rosensweig named chief of Chegg

Dan Rosensweig, who has held senior positions at several Internet and publishing companies, takes the reins at the online textbook rental company.

New Chegg CEO Dan Rosensweig Dan Farber/CNET

Dan Rosensweig, a high-profile technology executive, is the new president and chief executive of the online textbook rental company Chegg.

The appointment, announced by Chegg co-founder Osman Rashid on Tuesday, becomes effective immediately. Rosensweig finds himself in a crowded business segment, with Chegg squaring off against its chief rival, BookRenter.com, as well as megasize book retailers such as Barnes & Noble and Amazon.com and smaller local booksellers.

But helped by penny-pinching concerns born of a bracing recession, students increasingly view textbook rental as an attractive alternative to purchasing their books outright. The service operates on a time clock. Students pay for book rentals by the semester or calendar quarter. Rates vary, but the rental payment is a sharp discount to what the books would cost students buying at retail.

Read more of "Rosensweig named CEO at Chegg.com" at CBSNews.com.

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