Starboard Value Seeks Control of Tripadvisor Board

On February 16, 2026, the Wall Street Journal reported that activist investment firm Starboard Value is preparing to push for major governance changes at Tripadvisor. The investor has accumulated a stake exceeding 9 percent in the company and plans to propose replacing a majority of directors on Tripadvisor’s eight-member board. These intentions are expected to be formally presented in a letter to the board.

This development marks a clear transition from a passive shareholder position to active involvement in corporate decision-making. If discussions between the parties fail to produce an agreement, the situation could escalate into a proxy battle, in which shareholders vote on competing board nominations.

The move follows Starboard’s earlier share purchases and reflects increasing frustration among investors who believe Tripadvisor has not fully realized its market potential.

Possible asset sales under consideration

Investor pressure could accelerate major strategic decisions within the company. Analysts suggest that potential actions might include divesting non-core assets, reorganizing business units, or placing stronger emphasis on high-growth areas, such as the Viator experiences marketplace.

Tripadvisor has already indicated that it is reviewing structural options, including the possible sale or separation of certain business segments. One asset frequently mentioned in discussions is TheFork, the company’s Europe-focused restaurant reservation service.

Ongoing challenges facing the company

Starboard Value has built its reputation by targeting companies that it believes are underperforming compared with their potential, often advocating for cost reductions, operational improvements, and strategic repositioning.

Tripadvisor’s performance from recent years has provided several areas of concern for investors. The company has experienced slower advertising revenue growth, increasing competition from online travel agencies and search platforms, and ongoing uncertainty about how to maximize the value of its portfolio of brands and subsidiaries.

Financial results highlight importance of Experiences segment

Tripadvisor’s financial reports for the fourth quarter and full year of 2025 revealed a significant shift in the company’s revenue structure. The Experiences segment generated nearly 50 percent of total group revenue and approximately 30 percent of overall profit, demonstrating its growing importance to the business model. These figures reinforced investor interest in strategies that prioritize high-margin or fast-growing divisions.

Restructuring efforts and workforce reductions

In November 2025, Tripadvisor announced plans to integrate its experiences brand Viator more closely into the core organization. The restructuring aimed to simplify operations, improve efficiency, and respond to investor demands for stronger shareholder returns.

Soon after this announcement, the company launched a substantial workforce reduction, cutting roughly 20 percent of employees across both Tripadvisor and Viator. This decision signaled a decisive operational shift toward concentrating resources on business areas with the strongest growth potential and profitability.

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