An investment firm is making a bold move to reshape the leadership of travel website giant TripAdvisor, according to a new report from the Wall Street Journal on Monday.
Starboard Value, which currently owns more than 9% of the Massachusetts-based travel company, is preparing to nominate candidates for most positions on TripAdvisor’s eight-person board of directors. The investment firm plans to deliver a letter to the current board on Tuesday detailing its strategy, according to sources cited by the Wall Street Journal.
Neither Starboard Value nor TripAdvisor provided immediate responses when contacted for comment about the reported board challenge.
This isn’t the first time Starboard has pressed TripAdvisor for changes. The investment company has previously called on TripAdvisor’s leadership to consider selling TheFork, its restaurant reservation platform.
The timing of Starboard’s move comes as TripAdvisor faces significant financial challenges. The company, valued at approximately $1.1 billion, has watched its stock price tumble nearly 46% over the last twelve months. Shares reached their lowest point ever last Thursday following the release of disappointing fourth-quarter financial results that fell short of analyst predictions.
