Tripadvisor has expanded its board from eight to ten directors after reaching a cooperation agreement with Starboard Value. Two directors, Dhiren R. Fonseca and Andrew F. Cates, were appointed immediately, and Starboard will recommend two more directors for election at Tripadvisor’s 2026 annual meeting.
Under the agreement, the board will stay at ten directors after the 2026 meeting. Starboard also agreed not to nominate its own slate and will vote all of its shares in favor of Tripadvisor’s board nominees at that meeting.
Fonseca, 61, brings extensive travel-industry experience. He previously spent years at Expedia, including as chief commercial officer from 2012 to 2014, co-president of partner services from 2009 to 2012, and head of corporate development from 2004 to 2009. He has also served as executive chairman of Rent the Runway since October 2025 and as an advisor to TPG Global since May 2025 and Certares since 2018.
Cates, 55, has led Value Acquisition Fund since 2005 and has been chief executive officer and general partner of RVC Outdoor Destinations since 2007. His board experience includes Pioneer Natural Resources from 2009 to 2020 and Pico Holdings from 2016 to 2017.
Tripadvisor said the arrangement ends the board fight with Starboard and brings in four new directors in total, with two joining now and two more set for 2026. Today the company's shares have moved -5.08% to a price of $13.28. If you want to know more, read the company's complete 8-K report here.
