Skift Breaking News Blog

Short stories and posts about the daily news happenings around the travel industry.

Online Travel

Tripadvisor CEO Steve Kaufer Officially Steps Down and Looks Forward to Next Chapter

3 days ago

Tripadvisor co-founder Steve Kaufer has stepped down as CEO after 22 years, as expected, and Matt Goldberg took over.

Tripadvisor co-founder and CEO Steve Kaufer. Tripadvisor

In a Twitter post Friday, Kaufer offered “some parting thoughts” and said he welcomed any ideas on a new gig that would be “disruptive, challenging and impactful.”

Kaufer and Tripadvisor had a deep impact on how travel is planned and purchased as user-generated content became a staple, and all of the major brands, from online travel agencies to hotels and airlines, followed that path. Tripadvisor signage and plaudits took their place in restaurant and hotel storefronts, and lobbies around the world.

In this post from November, when Tripadvisor began a search for Kaufer’s successor, we touched on some of Kaufer’s big wins and failures.

Beyond profits and revenue marks, Kaufer will known as one of a handful of executives in the travel industry to speak out against former President Donald Trump’s Muslim bans, and anti-immigrant policies.

Whether it is as an angel investor or leading another company, be it a startup or something more established, the business world certainly will hear again from the guy who helped create, from the perch of a Massachusetts pizzeria, what would become a household-name brand, Tripadvisor.

Online Travel

Booking Holdings Takes Restaurant Competition to Asia-Pacific With Inline Investment

2 weeks ago

Booking Holdings’ OpenTable dining reservations platform, which is strongest in the U.S., and Inline Group, with strength in Asia-Pacific, have entered into a strategic partnership where their customers will be able to reserve tables in the establishments of their respective restaurant partners.

In tandem with the strategic partnership, Booking Holdings made an investment in Inline Group. The companies did not announcement the amount.

A file photo of Tony Fernandes, CEO of Capital A, at his first Santan restaurant in Kuala Lumpur, Malaysia. Photo: AirAsia Group

Inline powers dining reservations in Taiwan, Hong Kong, Japan, Malaysia, Singapore, Australia, and the U.S., according to its website.

“Inline has quickly built a leadership position in select markets in Asia and is growing throughout the region,” Debby Soo, OpenTable CEO, said in a statement. “We’re delighted to partner with them as we expand OpenTable’s presence in the Asia-Pacific region.”

In Booking Holdings’ strongest region, Europe, Tripadvisor’s TheFork is the strongest player in dining reservations. So Booking is investing apparently where it sees the best opportunity — Asia-Pacific.

Tourism

Inflation Concerns Likely To Push People to Domestic Trips: New Data from Tripadvisor

1 month ago

One of the biggest concerns for the global travel industry’s recovery coming out of the pandemic lows has been inflation and how it would affect people’s intent to travel. While summer looks like it will be a big one for the travel industry, here is some early survey data from Tripadvisor that people are willing to sacrifice other non-essentials for their plans to travel, particularly domestic travel.

Mother and daughters holding hands

From Tripadvisor, surveys conducted in United States, United Kingdom, Australia, Japan, and Singapore show while travel behaviors might change for some as a result from June-August (shorter trips or preference for domestic travel), consumers across the globe are refusing to give up their desire to vacation or holiday, especially in the Northern Hemisphere during the summer months. More than a third of global respondents report they intend to travel more in 2022 than they did in 2021, which bodes well for the ongoing travel recovery.

Inflation Concerns

Inflation is a significant concern for the majority of respondents within the survey, with 74% reporting they were “extremely” or “very” concerned about the rising costs of goods and services.

CountryConcerned
United States74%
United Kingdom77%
Australia70%
Japan69%
Singapore77%

Continuing inflation will likely affect non-essential spending habits: 79% said they would spend less on non-essentials if prices continue to go up:

CountrySpending Less
United States77%
United Kingdom83%
Australia84%
Japan68%
Singapore82%

When it comes to cutting down on non-essential spending, dining out and clothes top the list (items consumers will cut down on the most):

CountryDining OutClothes
United States73%57%
United Kingdom76%64%
Australia76%63%
Japan69%52%
Singapore64%62%

On the other hand, fewer people plan cuts to domestic travel, TV/music subscriptions, and international travel than other options (items consumers will cut down on the least):

  • United States: international travel (37%) and domestic travel (38%)
  • United Kingdom: domestic travel (35%) and TV/music subscriptions (45%)
  • Australia: domestic travel (37%) and TV/music subscriptions (39%)
  • Japan: TV/music subscriptions (22%) and technology purchases (32%)
  • Singapore: domestic travel (26%) and TV/music subscriptions (38%)

In fact, those surveyed would sacrifice a range of non-essentials to fund their next vacation:

  • United States: food deliveries (57%) and nights out (54%)
  • United Kingdom: nights out (60%) and dining out (57%)
  • Australia: food deliveries (62%) and nights out (60%)
  • Japan: food deliveries (59%) and gym membership (58%)
  • Singapore: Entertainment (attending gigs/concerts) (56%) and gym membership (54%)

Not surprisingly, rising costs will have some effect on travel this summer: 33% will likely take shorter trips, and 32% may travel closer to home:

CountryShorter TripsClose to Home
United States32%31%
United Kingdom27%30%
Australia29%35%
Japan37%19%
Singapore42%39%

Online Travel

Expedia CEO’s Total Compensation Pegged at $296 Million for 2021

2 months ago

Expedia Group Vice Chairman and CEO Peter Kern’s 2021 total compensation was $296 million.

That includes $157 million in stock awards and $137 million in option awards. His salary was around $850,000. The stock and option awards represent the fair value at the grant date, and won’t necessarily be the actual value when the awards vest.

Kern’s total compensation in 2021 compared with $53.9 million for Booking Holdings’ Glenn Fogel, $7.67 million for Tripadvisor’s Steve Kaufer, and $132,000 for Airbnb’s Brian Chesky.

Chesky had a nice pay day — on paper like Kern’s — for 2020, namely $120 million, and Kaufer’s total compensation announced in 2013 was $39 million.

Kern became Expedia Group CEO during the early days of the pandemic in April 2020. He has been vice chairman since 2018, and a board member since 2005.

When it comes to the ratio of the CEO’s salary to median employee compensation, excluding the CEO’s compensation, at each company, Expedia’s was 2,897 to 1; Booking’s was 931 to 1; Tripadvisor’s was 76 to 1; and Airbnb’s was .65 to 1.

The total compensation amounts were included in proxy statements last month.

Online Travel CEO Compensation 2021

CEOCompanyTotal CompensationRatio
Peter KernExpedia$296,000,0002,897 to 1
Glenn FogelBooking Holdings$53,900,000931 to 1
Stephen KauferTripadvisor$7,670,00076 to 1
Brian CheskyAirbnb$132,000.65 to 1

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