Feb 16 (Reuters) – Activist investor Starboard Value plans to push for a major overhaul of Tripadvisor’s board, and is preparing to nominate a majority slate for the company’s eight-member board, the Wall Street Journal reported on Monday.
Starboard now holds more than 9% of the travel-site operator and intends to send a letter to the board on Tuesday outlining its plans, the WSJ said, citing people familiar with the matter.
Reuters could not immediately verify the report. Starboard and Tripadvisor did not immediately respond to Reuters’ request for comment.
The hedge fund has previously urged Tripadvisor to explore a sale of its restaurant booking platform, TheFork.
Tripadvisor, which holds a market value of about $1.1 billion, has seen its shares plunge nearly 46% over the past year, hitting a record low last Thursday after its fourth-quarter results missed Wall Street expectations.
(Reporting by Rajveer Singh Pardesi in Bengaluru; Editing by Christopher Cushing and Sherry Jacob-Phillips)
