Tripadvisor co-founder and CEO Steve Kaufer will retire in 2022 after leading the company for 21 years.
The company announced the news in tandem with its financial report for the third quarter. Kaufer says he will remain in his position until a successor is named, and the company says a search is underway.
"We come to the close of 2021 in a strong position. Travelers are returning as we exit the pandemic, exciting new initiatives are well on their way and we continue to leverage our strengths as we evolve Tripadvisor for the future," Kaufer said.
"Given our strong position, the talented teams driving our plans forward and after over 20 years at Tripadvisor, I believe now is the best time to announce my plans to step away from the company next year. I have such respect and appreciation for all the teams over the years who have made this company what it is today, and remain devoted to continuing to guide the Tripadvisor family as CEO until the transition is complete."
In announcing Kaufer's upcoming retirement, the company said he co-founded Tripadvisor in 2000 "with the mission to help travelers around the world plan and book the perfect trip. Over the past 21 years under his leadership, the company has grown into the largest travel site in the world, with employees in over 20 countries and operating localized travel sites in over 40 markets."
Tripadvisor chairman Greg Maffei said, "Steve has been the driving force at Tripadvisor since its launch in 2000. His contributions to the consumer's travel experience are immeasurable, and his vision has resulted in the Tripadvisor we know today."
Tripadvisor's Q3 results
Tripadvisor finished Q3 with $303 million in revenue – more than double the revenue from the same period last year and 29% less than Q3 2019's revenue of $428 million.
The company achieved income of $1 million, compared to a loss of $48 million in Q3 2020, but still far below Q3 2019 income of $50 million.
"We are pleased to see a continued pick-up in consumer travel demand as borders open and vaccinations are more widely administered," Kaufer said.
Of the $303 million in revenue in the quarter, nearly 60% -- $172 million -- is from "hotels, media and platform" and $114 million is from "experiences and dining."