Tripadvisor Board Chair Greg Maffei to Step Down With Activist Investor in the Wings

Key Points

• Tripadvisor board chair Greg Maffei and board member Albert Rosenthaler will step down in June, amid no reported disagreements.
• Activist investor Starboard Value has taken a 9% stake in Tripadvisor and plans to nominate its own directors to take control of the board.
• Tripadvisor has faced declining performance due to competition from Google and shifting strategies, now focusing on experiences and restaurants.

Summary

Greg Maffei, Tripadvisor’s board chair since 2013, along with fellow board member Albert Rosenthaler, will step down at the upcoming shareholder meeting, coinciding with activist investor Starboard Value’s efforts to take control of the board. Starboard Value, which now owns a 9% stake, has criticized Tripadvisor’s leadership and seeks to push for major changes, including potentially selling brands or the entire company. Tripadvisor, once a dominant force in travel, has seen its fortunes decline amid competition from Google and evolving consumer habits, prompting several strategic shifts toward experiences and restaurants.