Tripadvisor has announced the departure of president and CEO Matt Goldberg after four years in the role.
A statement said the board of directors and Goldberg had agreed on terms for the departure with the CEO remaining in the role until mid-February 2027.
Michael Noonan, the company’s CFO has also announced he will resign to pursue another opportunity. He will stay until the end of December with Kristen Dalton stepping in as interim CFO from January 1, 2027.
The board of directors, led by chair Jeremy Philips, said it is working to identify candidates to replace the roles.
“On behalf of the Board, I want to thank Matt and Mike for their leadership,” said Philips. “We are grateful for their past contributions, as well as their support over the coming months.”
The company has also kicked off a restructuring plan to simplify its hotels and other segment through job cuts. The company said the restructuring would be accompanied by “accelerated investment” in its Experiences segment with “certain additional product, engineering and data analytics roles allocated” to the segment.
Tripadvisor said the strategy is expected to create annualized gross savings of about $40 million. Pre-tax restructuring and related reorganization costs of approximately $15 million to $20 million are expected.
The announcement of the senior departures follows a period of turbulence for Tripadvisor. Earlier this year, Starboard Value, an investor which acquired more than 9% of the company in mid-2025, expressed its frustration with the “lack of urgency” and “unacceptable status quo” in the pace of change at the company.
In March this year, Tripadvisor struck an agreement with Starboard to appoint four new directors to “support value creations efforts.”
News of the departures came as Tripadvisor reported an 11% decline to revenue of $436 million for the third quarter of 2026. Net loss for the quarter was $317 million attributed to a non-cash goodwill impairment charge.
The company explained that the impairment charge was primarily down to a “sustained decline in financial performance and reduction in forecasted profitability, largely due to the multi-period acceleration of traffic headwinds resulting from changes in the search landscape.”
Experiences revenue dipped 3% to $285 million while hotels revenue was down 23% to $152 million. Adjusted EBITDA for Q3 was $71 million.
*This article will be updated following Tripadvisor's call with analysts.