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SANTA CLARA, Calif. – Chegg, Inc. (NYSE: NYSE:) today announced the appointment of David Longo as its new Chief Financial Officer (CFO), effective February 21. Mr. Longo replaces Andrew Brown, who will retire in March 2016. He has been with the company for over 12 years.
Mr. Longo currently holds the positions of Vice President, Chief Accounting Officer, Corporate Accounting Officer, and Deputy Treasurer at Chegg and has been with the company since December 2021. His previous experience includes roles as Chief Accounting Officer at Shutterfly, Inc. and Senior Vice President and Controller at CBS Interactive.
Dan Rosensweig, CEO and President of Chegg, expressed confidence in Longo's ability to drive growth and increase shareholder value.David's dynamic and forward-thinking leadership is already playing a key role in advancing Chegg™'s mission to leverage AI to improve student outcomes. ”
Mr. Rosenweig also credited Andrew Brown's financial leadership with having a significant impact in transforming Chegg into a leading learning platform. ”I would also like to thank Andy Brown for his countless 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 said: ”I've seen firsthand how Chegg is leading the way in leveraging AI to support and improve student outcomes. I couldn't be more excited about this opportunity to work closely with such a visionary team at such a pivotal time in the education sector. We look forward to driving value not only for Chegg™ shareholders, but also for the millions of students Chegg™ serves. ”
The information in this article is based on the press release.
Investment Pro Insights
Given Chegg's leadership changes and continued mission to improve educational outcomes through technology, the company's financial health and market performance are of particular interest to investors. As highlighted in one of InvestingPro's tips, Chegg's aggressive share buyback strategy shows that management believes in the company's value. Additionally, as reported by InvestingPro Data, Chegg's gross profit margin for the past 12 months as of Q3 2023 was an impressive 68.43%, highlighting the company's strong operational efficiency.
The company trades at a high earnings multiple of 106.74x, which may reflect investors' expectations for future growth, especially as the edtech space continues to evolve. InvestingPro Tips also shows that analysts predict his Chegg will turn a profit this year, which may reassure investors that the company can weather the current market conditions. unknown.
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