Trivago Chief Financial Officer Axel Hefer will replace co-founder and CEO Rolf Schrömgens at the end of the year, the company announced.
Hefer told Cheddar in an interview Tuesday the company had been working on a succession plan since he joined the company three years ago.
Schrömgens's co-founders Peter Vinnemeier and Stephan Stubner left the company in 2018. Hefer told Cheddar Schrömgens felt it was time for him "to move into a more passive role." Schrömgens will join the advisory board and give up his board of directors seat.
Trivago's stock was down about 19 percent after the surprising announcement, made along with the Q3 earnings report.
"Our third quarter overall came in softer than expected," he said. The company expects a smaller Q4 revenue than last year.
Hefer said the stock price reaction "is a combination of both filings and, obviously, very difficult to say which part of the drop is associated to the different news."
Hefer said the company has been focused on profitability after losing a "substantial sums of money" in the first half of 2018.
Amy Farley, Executive Editor at Fast Company, joins Cheddar to reveal how the Top 50 companies were chosen for a coveted spot on the list of Most Innovative.
Chris Versace, CIO at Tematica, discusses the fed decision, the current state of the market and how news in the coming days will tell us even more. Watch!
Olipop CEO, Ben Goodwin, joins Cheddar to discuss its recent $50M funding round and why other prebiotic soda company's successes is good for business. Watch!
The Knot Worldwide CEO Raina Moskowitz joins Cheddar to reveal the top wedding trends for 2025 and why some newlyweds-to-be want their big day to be phone free!
Shark Tank star Barbara Corcoran reveals how she is handling all of this recession news, the best time to buy a home and what she looks for when hiring. Watch!
Much like all the upheaval shaking the world, the huge swings rocking Wall Street may feel far from normal. But, for investing at least, this is normal.