Tripadvisor CEO Goldberg to step down as travel firm pushes overhaul, stock tumbles

Tripadvisor Inc. TRIP-Q said on Thursday chief executive officer Matt Goldberg will step down in February, as the online travel firm presses ahead with a broader overhaul, sending its shares down about 20 per cent in early 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 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 per cent of their value since Goldberg took over in 2022, according to LSEG data.

The Needham, Mass.-based company has also faced pressure from activist investor Starboard Value, which criticized 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-per-cent stake, according to LSEG data. A representative for Starboard could not be immediately reached for comment.

Tripadvisor also said chief financial officer Michael Noonan will resign by the end of the year, 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 37 U.S. cents per share, below analysts’ estimates of 44 U.S. cents, according to data compiled by LSEG.