By Agency Staff
Tripadvisor said on Thursday CEO Matt Goldberg will step down in February as the online travel firm presses ahead with a broader overhaul, sending its shares down about 17% to $8.49 in premarket trading.
The management shake-up comes as travel demand remains strong, but higher costs and economic uncertainty have made some consumers more price-conscious.
Goldberg became Tripadvisor’s top boss in 2022, succeeding founder and longtime CEO Steve Kaufer. He previously worked at advertising firm The Trade Desk and led travel guide publisher Lonely Planet for about five years.
Under Goldberg, Tripadvisor sought to reposition itself around its experiences business, which includes tours and activities platform Viator, while simplifying legacy operations.
The company’s shares have lost about 45% of their value since Goldberg took over in 2022, according to LSEG data.
The Needham, Massachusetts-based company has also faced pressure from activist investor Starboard Value, which criticised its leadership and pushed for a review of strategic alternatives, including a potential sale.
Starboard is Tripadvisor’s sixth-largest shareholder and holds a 4.35% stake, according to LSEG data.
Tripadvisor also said CFO Michael Noonan will resign by year-end, while chief strategy officer Kristen Dalton will become interim CFO.
The company said its board was working with an external firm to find potential candidates and help lead Tripadvisor through its next phase.
Separately, Tripadvisor reported lower third-quarter adjusted profit on Thursday, as elevated expenses pressured margins.
On an adjusted basis, the company earned 37c per share, below analysts’ estimates of 44c, according to data compiled by LSEG.
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