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.
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