Industry Moves: Online Textbook Rental Firm Hires Former Ask.com CEO Safka
This story was written by Joseph Tartakoff.
Jim Safka, who quit as CEO of Ask.com in mid-May, is taking over as CEO of heavily funded online textbook rental firm Chegg. Safka said in a letter to staff at the time of his resignation that he had re-evaluated his priorities and wanted to do something "smaller and more local, enabling me to have a better personal balance." Chegg lets students rent textbooks at a fraction of the price of buying them, and Safka said in a statement Monday that the job would allow him to "build a brand that is ... emotionally resonant and contributes to society on multiple key levels."
Chegg raised $25 million in a third round of funding in December from several investors, including Kleiner, Perkins Caufield & Byers and Foundation Capital. The company said it would use the money to fund its aggressive growth. With Safka's hiring, co-founder Osman Rashid will step down as CEO and take on the position of chairman. The WSJ had previously reported that Safka was heading to Chegg, although the news was not confirmed.
By Joseph Tartakoff