Shares of Chegg (CHGG) are sinking after the ed-tech company delivered disappointing second-quarter guidance as AI competition stunts its growth.

The company also announced significant leadership changes, as Chief Executive Officer Dan Rosensweig will become Executive Chairman after 14 years in the role. He will be succeeded as CEO by COO Nathan Schultz as of June 1.

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This article was written by Melanie Riehl