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.
Apple's new iOS 17 has some promising upgrades in store for group chats. Previously, when a iMessage group chat contained an Android user, it would lose features such as text editing and threaded replies. Now group chats will retain those features, even when there is a "green bubble" in the mix.
Workers at the Barnes & Noble in Manhattan's Union Square, one of the retail chain's signature stores and home to its corporate offices, have voted to unionize.
U.S. and British cybersecurity officials warned Wednesday that a Russian cyber-extortion gang's hack of a file-transfer program popular with corporations could have widespread global impact. Initial data-theft victims include the BBC, British Airways and Nova Scotia's government.
Wilson Aerospace, a Colorado-based tools company with close ties to NASA, is suing Boeing for allegedly stealing trade secrets over the past two decades.
Apple recently acquired augmented reality company Mira following its launch of the Vision Pro headset. Cheddar News explains how Apple is looking to tap into the AR market long dominated by Meta.
Fiserv President and Chief Executive Frank Bisignano spoke to Cheddar News about what the transfer to the New York Stock Exchange means for his company and how Fiserve plans to use its partnership with the exchange in the fintech space. "We do believe that we could do a lot here creatively with the stock exchange," he said. "
It's never too early to save for retirement but many people don't have access to an employer-sponsored plan. Pratik Patel, managing director and head of family wealth strategies for BMO Family Office, joined Cheddar News to discuss other options to ensure safe retirement.
Joe Mazzola, director of trading and education with Charles Schwab, joined Cheddar News to discuss Wednesday's trading session as markets closed mixed.
