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.
On Tuesday, the Bahamas Supreme Court allowed FTX founder Sam Bankman-Fried to review the terms of his extradition and temporarily delayed the country from agreeing to let U.S. prosecutors pursue criminal charges against him.
Microsoft's planned $69 billion purchase of video game company Activision Blizzard was blocked by a federal judge Tuesday, giving more time for an antitrust review of the deal.
Consumer prices in the United States cooled last month, rising just 0.1% from April to May and extending the past year's steady easing of inflation. At the same time, some measures of underlying price pressures remained high.
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Stocks rose Tuesday after a cooler reading on inflation cemented Wall Street’s bets for the Federal Reserve to hold off on hiking interest rates this week.
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New York City is increasing the minimum wage for food delivery app workers to nearly $18 an hour next month.
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