Boardroom battle: Starboard Value pushes for majority control of Tripadvisor
By Cygnus | 17 Feb 2026
Summary
Activist hedge fund Starboard Value is preparing to nominate a majority slate to Tripadvisor’s board, escalating pressure on the travel platform as investors call for strategic changes.
NEW YORK, Feb. 17, 2026 — Starboard Value is preparing to nominate a majority slate of directors to the board of Tripadvisor, according to a Wall Street Journal report cited by Reuters.
The activist hedge fund, which holds roughly a 9% stake in the company, is expected to outline its plans in a formal communication to Tripadvisor, marking a significant escalation in its campaign to influence strategy.
Valuation pressures and strategic debate
The move follows a period of weak share performance and ongoing debate about Tripadvisor’s business mix. While the company’s Viator experiences unit and TheFork dining platform have shown growth, its core hotel-review segment has faced competitive challenges as travel discovery shifts across digital platforms.
The “sum-of-the-parts” argument
Starboard’s thesis is that Tripadvisor may be worth more if its businesses are restructured or separated.
- Portfolio review: The activist firm has previously suggested evaluating strategic options for certain assets.
- Growth segments: Units such as Viator continue to play an increasingly important role in overall revenue contribution.
Market reaction
Tripadvisor shares rose in extended trading following the report, indicating that some investors view activist involvement as a potential catalyst for change.
Why this matters
The proxy fight highlights growing investor scrutiny of digital travel platforms navigating shifting consumer behavior and competitive pressures. The outcome could influence Tripadvisor’s strategic direction, governance structure, and potential asset reshaping.
FAQs
Q1: Why is Starboard targeting Tripadvisor?
The activist fund believes operational and strategic changes could unlock shareholder value.
Q2: What is Starboard proposing?
It is preparing to nominate a majority slate of directors to the board.
