Norwegian Cruise Line chief to stand down

Norwegian Cruise Line Holdings president and chief executive Kevin Sheehan is standing down.

He is being succeeded by Frank Del Rio of Prestige Cruises International, which was acquired by Norwegian in November.

Del Rio, a co-founder of subsidiary Oceania Cruises, has more than 20 years of experience in the cruise industry.

Norwegian subsidiary Prestige operates Regent Seven Seas Cruises alongside Oceania. Del Rio has served as chief executive of Prestige or its predecessor since April 2007.

Sheehan said: "It has been a privilege to lead Norwegian over the last seven years.

“I am proud of what we have accomplished, and take comfort in the knowledge that I am leaving the company much healthier and stronger than when I joined.

“With the company set for success, I hand the baton off to Frank, a proven leader in the cruise industry.”

Steve Martinez, member of Norwegian's board of directors, said: "Frank Del Rio has established himself as a leader and innovator in our industry.

"Norwegian is poised for continued growth and we are delighted to have Frank lead our team during the next phase of the company's evolution.

“We also thank Kevin Sheehan for his service to the company. Kevin has built Norwegian into the highly successful company it is today - a company that has reported 25 consecutive quarters of growth in trailing twelve month adjusted EBITDA coupled with consistent margin improvement.

“Most recently, Kevin was integral to the Prestige acquisition, assembling a diversified portfolio of brands that spans all market segments in the cruise industry, which we believe puts the company in a strong position for the future."

Del Rio added: "I am excited to begin this new chapter in my long career in the cruise industry.

"I am blessed with a great team at Norwegian, and I am confident that together we can help our company continue to realize great things."