RTTNews | Nov 8, 2021 05:50PM EST

17:49 Monday, November 8, 2021 (RTTNews.com) - Shares of TripAdvisor, Inc. (TRIP) slipped nearly 9% in extended session on Monday after the co-founder and long-time Chief Executive Officer Stephen Kaufer announced his plans to step down from the top position in 2022.

"We come to the close of 2021 in a strong positiontravelers 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," said Steve Kaufer, chief executive officer.

"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."

The Board of Directors has initiated an open search for Kaufer's successor.

TRIP closed Monday's trading at $34.87, down $0.17 or 0.49%, on the Nasdaq. The stock further slipped $2.96 or 8.49% in the after-hours trading.

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