by Donald Wood
Last updated: 8:20 AM ET, Wed February 18, 2026
After activist investor Starboard Value purchased around
nine percent of Tripadvisor, the travel brand’s board and management team
announced Tuesday that it is in discussions with the hedge fund following accusations of “failing
to hold leadership accountable for value destruction.”
According to Reuters.com, Starboard sent a letter on Tuesday
chastising the online travel agency’s growth plan, with shares falling nearly
50 percent since CEO Matt Goldberg took over in 2022.
“During the company's upcoming window for shareholders to
submit director nominations with respect to the company's 2026 annual meeting
of shareholders, we intend to nominate a highly qualified slate of directors
representing a majority of the board,” Starboard said in the letter.
As part of Starboard’s plan, Tripadvisor is being urged to “formally
explore a sale of the entire company,” as well as revamp development plans for its
restaurant-booking unit, TheFork. Analysts also told Reuters that Tripadvisor’s
larger Experiences unit, Viator, could also be considered for a sale.
In addition, Starboard revealed issues with the rollout of generative
AI tools, saying that the company is vulnerable and falling behind in the online
travel search market due to a lack of focus on new technology.
In response, Tripadvisor said the company remains focused on
pursuing “initiatives aimed at delivering sustainable long-term growth,” with its
management team and board of directors “focused on pursuing all avenues to
drive value for shareholders.”
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