Chegg moves director to different class to rebalance board composition

Chegg Inc. (NYSE: CHGG) announced that director Renee Budig resigned from her Class I position and was immediately re-elected as a Class III director on March 25, 2026, to achieve equal composition across the company's board classes.

Budig's term was originally set to expire at the annual stockholder meeting on June 12, 2026. As a Class III director, her term will now expire at the 2028 annual meeting. The company stated the resignation and re-election were conducted solely for rebalancing purposes, with Budig's board service considered uninterrupted.

Following the restructuring, Chegg's board consists of two Class I directors, one Class II director, and two Class III directors. Budig will stand for election as a Class III director at the 2026 annual meeting to serve a term ending at the 2028 meeting, when the other Class III director will also face election.

The company indicated this arrangement ensures stockholders can vote on Budig's continued board membership at least once every three years, according to the press release statement.

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