Tripadvisor CEO Goldberg to step down as travel firm pushes overhaul, stock tumbles — SkimNews
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- Matt Goldberg will step down as Tripadvisor's chief executive officer in February as the company pushes ahead with a broader overhaul.
- Tripadvisor shares fell about 20% in early trading on Thursday following the leadership shake-up.
- Michael Noonan will resign as chief financial officer by the end of the year, with chief strategy officer Kristen Dalton becoming interim CFO.
- Tripadvisor reported adjusted third-quarter profit of 37 U.S. cents per share, below the 44-cent analyst estimate, as elevated expenses pressured margins.
- Starboard Value, Tripadvisor's sixth-largest shareholder with a 4.35% stake, criticized the company's leadership and pushed for a review of strategic alternatives that includes a potential sale.
- Tripadvisor shares have lost about 45% of their value since Goldberg took over in 2022, during which the company sought to reposition around experiences including Viator and simplify legacy operations.
- Tripadvisor's board is working with an external firm to find potential CEO candidates and help lead the company through its next phase.
Why it matters: The change is bigger than one executive departure: Noonan is also leaving by year-end, Dalton is interim CFO, and adjusted profit missed estimates. With Starboard pressing for a strategic-alternatives review that includes a potential sale, Tripadvisor enters the overhaul under interim finance leadership with shares down about 45% since Goldberg arrived in 2022.
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