New Chegg (NYSE: CHGG) CEO Nathan Schultz is making big changes at the online education company, and investors appear pleased to see some action. Shares of Chegg traded up 10% as of 10:30 a.m. ET after the company announced a restructuring plan that included significant layoffs.

So far, Chegg has been one of the major casualties of the artificial intelligence (AI) revolution. The company's shares are down about 75% year to date due to declines in earnings and subscriptions. The fear among investors is that in a world of free or relatively low-cost AI, there's no need for other educational help.

The company isn't standing still in the face of this threat. Chegg is developing its own customized AI tools that it hopes will drive future subscription growth. In April, the company named longtime Chief Operating Officer Nathan Schultz as CEO, with a mandate to revamp Chegg's operations.

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Source Fool.com