By Svea Herbst-Bayliss
NEW YORK (Reuters) -Activist investor Starboard Value, which built a 9% stake in Tripadvisor earlier this year, plans to discuss the need to make changes at the travel-review company at an industry conference on Tuesday, two sources familiar with the matter said on Sunday.
Starboard, which is run by Jeff Smith, has been engaging with Tripadvisor for several weeks, the sources said. They were not permitted to talk about what was said during the private sessions.
Smith has not discussed the investment publicly and it is not clear what changes Starboard, which often focuses on operational improvements, may have pressed management to make.
A representative for Tripadvisor could not be reached for comment.
Tripadvisor allows customers to find and review hotels. Its Viator unit lets users book and review tours and other experiences, while TheFork offers restaurant reservation services.
In 2024, the company conducted a strategic review.
For years, Smith has been the kickoff speaker at the annual 13D Monitor Active Passive Investment Summit in New York, which marks the unofficial start of the proxy season, where activist investors ratchet up pressure on companies to perform better.
Smith is expected to discuss Tripadvisor and possibly other investments at the conference, the sources said.
Starboard ranks among the industry’s busiest activists and this year won board seats at automation software company BILL Holdings, design software company Autodesk and Tylenol and Band-Aid maker Kenvue.
The share price of Tripadvisor, which has a market capitalization of $1.8 billion, has risen roughly 17% since Starboard’s investment became public in early July. But in the last 12 months, its shares have gained just 0.33%.
(Reporting by Svea Herbst-Bayliss; Editing by Thomas Derpinghaus.)
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