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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.

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Charles Cooper Former Executive Editor / News
Charles Cooper was an executive editor at CNET News. He has covered technology and business for more than 25 years, working at CBSNews.com, the Associated Press, Computer & Software News, Computer Shopper, PC Week, and ZDNet.
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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.