04:48 AM EDT, 10/28/2025 (MT Newswires) -- Chegg ( CHGG ) said late Monday it will remain an independent public company and launch a major restructuring effort.

The company also said Executive Chairman Dan Rosensweig will reassume the role of president and chief executive, effective immediately, while current CEO Nathan Schultz will transition to executive adviser to the CEO and the board.

Chegg ( CHGG ) said declining traffic from Google and the rise of AI have reduced its traffic and revenue, prompting a shift toward a more efficient operating model.

The company said it plans to streamline its academic learning operations to lower costs and reinvest in the skilling market.

The restructuring is expected to eliminate about 388 roles, or 45% of its workforce, reducing 2026 non-GAAP expenses by roughly $100 million to $110 million, with expected restructuring charges of $15 million to $19 million.