Updated Version 2 - As the travel company advances comprehensive reforms, TripAdvisor CEO Goldberg will resign

The full article supplements details and background information

Reuters, November 5 - Tripadvisor (TRIP.O) said on Thursday that Chief Executive Officer Matt Goldberg will step down in February, as the online travel company advances a broader restructuring. Following the news, its share price fell about 17% in premarket trading to $8.49.

This management change comes at a time when travel demand remains strong, but rising costs and economic uncertainty have made some consumers more price-conscious.

Goldberg took the helm of Tripadvisor in 2022, succeeding founder and long-time CEO Steve Kaufer. Previously, he worked at advertising firm The Trade Desk and led travel guide publisher Lonely Planet for about five years.

Under Goldberg's leadership, Tripadvisor sought to reposition itself around its experiences business, including tours and activities platform Viator, while streamlining its core operations.

According to data from London Stock Exchange Group (LSEG), since Goldberg took over in 2022, the company’s share price has fallen by about 45%.

The Needham, Massachusetts-based company also faces pressure from activist investor Starboard Value, which has criticized the company's management and urged it to re-evaluate strategic options, including potential sale plans.

According to LSEG data, Starboard is the sixth-largest shareholder of Tripadvisor, holding a 4.35% stake.

Tripadvisor also said that Chief Financial Officer Michael Noonan will resign by the end of the year, and Chief Strategy Officer Kristen Dalton will serve as interim CFO.

The company said its board is working with an external firm to identify potential candidates and assist in leading Tripadvisor into its next phase of development.

Additionally, Tripadvisor reported a drop in adjusted third-quarter profit on Thursday, as rising expenses put pressure on margins.

According to data compiled by LSEG, the company posted adjusted earnings of $0.37 per share, below analysts’ expectations of $0.44 per share.

(To facilitate non-native English speakers, Reuters automatically translates its reports into several other languages. Since automated translations may contain errors or lack the necessary context, Reuters does not guarantee the accuracy of the automated translation text. It is provided solely for the convenience of readers. Reuters accepts no responsibility for any damages or losses arising from the use of automated translation functions.)