Tripadvisor Chief Executive Matt Goldberg and Chief Financial Officer Michael Noonan will both leave the Needham-based travel company, Tripadvisor said Thursday, Nov. 5, as it reported an 11% drop in third-quarter revenue and a global restructuring. The company’s board determined that a leadership change was in the best interests of the company and its shareholders, and Goldberg agreed, according to a securities filing cited by CFO Dive.
Related: Flywire Revenue Jumps 25% to $250 Million as Boston Payments Firm Raises 2026 Outlook.
Who is leaving, and when
Goldberg will step down as CEO and president on Feb. 16, 2027, CFO Dive reported. He will also leave the board. The company has hired an executive search firm to find his successor, CFO Dive reported.
Noonan told the company he is leaving for another opportunity, and his last day is Dec. 31, according to CFO Dive. Kristen Dalton, the chief strategy and operations officer, will become interim CFO on Jan. 1, 2027, the company said. Boston Business Journal reported that the company presented the two departures as separate moves.
Both executives joined Tripadvisor in 2022, CFO Dive reported.
What the quarter showed
Revenue fell 11% to $436.4 million, below the $453.23 million analysts expected, Finviz reported. Adjusted earnings were 37 cents a share, compared with a consensus of 45 cents, according to Finviz.
The company reported a net loss of $316.9 million, up from a loss of nearly $49 million a year earlier, CFO Dive reported. A non-cash goodwill impairment of $369.5 million in the Hotels and Other segment drove the loss, according to Finviz.
Hotels and Other revenue fell 23% to $152 million, MarketBeat reported from the earnings call. Experiences revenue fell 3%, MarketBeat reported.
The restructuring
Noonan said on the call that the plan would reduce 425 employee and contractor roles dedicated to Hotels and Other, including about 150 that move to the Experiences segment, MarketBeat reported.
The company expects more than $55 million in annualized gross savings in Hotels and Other and about $40 million across the group, according to MarketBeat. It estimated a fourth-quarter charge of $15 million to $20 million, CFO Dive and MarketBeat reported.
“The action in Hotels and Other is designed to run the segment at a smaller scale,” Goldberg said, according to CFO Dive. He also said that combining the company’s Experiences teams at Tripadvisor and Viator “hasn’t proved out as we expected,” Skift reported.
How the stock and investors reacted
Finviz reported that shares declined 18% on the morning of Nov. 5. CFO Dive reported a drop of roughly 23% on Thursday. Shares had fallen about 51% for the year, according to Nasdaq data cited by CFO Dive.
Activist investor Starboard Value, which owns about 9% of the company, wrote to management in February that its decisions “have been abysmal,” CFO Dive reported. In May, the company agreed with Starboard to expand its board from eight directors to 10, CFO Dive reported.
What comes next
Tripadvisor closed the sale of restaurant-booking business TheFork on Nov. 1 for about $685 million in net proceeds, MarketBeat reported. Noonan said a portion would go toward debt, which stood at about $834 million on Sept. 30, according to MarketBeat.
The company expects fourth-quarter revenue to decline in the low teens, MarketBeat reported. Noonan said it was too early to give specific guidance for 2027, MarketBeat reported. For more on local employers, see Boston business news and the Business News hub.
Sources
- CFO Dive: Tripadvisor shares plummet on CEO, CFO departure news
- Boston Business Journal via NBC Boston: CEO, CFO to leave Tripadvisor as company begins ‘restructuring plan’
- MarketBeat: TripAdvisor Q3 Earnings Call Highlights
- Finviz: Tripadvisor Shares Fall 18% as Quarterly Results Miss Forecasts and CEO, CFO Departures Announced
- Skift: Tripadvisor Cuts Jobs, Outgoing CEO Says Experiences Overhaul Fell Short
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