Norwegian Cruise Line Holdings Ltd. Announces CEO Retirement and Succession Plan
Frank J. Del Rio to Retire After Illustrious 30 Year Career in the Cruise Industry, Effective July 1, 2023
Harry J. Sommer, President and Chief Executive Officer of Norwegian Cruise Line, Named Company’s Next President and Chief Executive Officer
David J. Herrera Appointed President of Norwegian Cruise Line
Norwegian Cruise Line Holdings Ltd. (the "Company" or "NCLH") (NYSE: NCLH), a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands, today announced that Frank J. Del Rio has decided to retire and step down from his position as the Company's President and Chief Executive Officer and from its Board of Directors, effective July 1, 2023. Harry J. Sommer, who has served as President and Chief Executive Officer of Norwegian Cruise Line ("NCL") since 2020, has been appointed to succeed Del Rio and will also join the Company's Board of Directors, effective July 1, 2023. David J. Herrera, who has served as Chief Consumer Sales and Marketing Officer of NCL since 2021, will succeed Sommer as President of NCL, effective April 1, 2023.
Del Rio's well-deserved retirement is the culmination of a remarkable career spanning three decades in the cruise industry. Del Rio led the Company since 2015 and prior to that led Prestige Cruise International, Inc., or its predecessor, which operated Oceania Cruises and Regent Seven Seas Cruises, from 2002 until its acquisition by Norwegian in 2016. Del Rio founded Oceania Cruises in 2002, creating a new "upper premium" market space in the cruise industry. During his tenure, Del Rio successfully led the Company in welcoming eight new and innovative ships since 2015, introducing the Company's second private island destination, Harvest Caye, and achieving industry-leading yields and financial results. Del Rio also led the Company through the COVID-19 pandemic, the most tumultuous time in its 56-year history, and was a vocal leader and advocate for the entire cruise industry through unprecedented times as it worked to resume cruise operations globally.
Sommer, 55, has more than 30 years of cruise industry experience across sales, marketing, revenue management, passenger services, itinerary development and international business development and operations. In addition to his role as President and Chief Executive Officer, NCL, Sommer expanded his responsibilities in recent months to include oversight for all of the Company's other revenue generating functional areas which included Oceania Cruises, Regent Seven Seas Cruises and the tri-branded Onboard Revenue department. Previously, he served as President, International and throughout his career also held executive roles at various cruise operators.
"On behalf of the Board and the entire organization, I thank Frank for his invaluable contributions to this Company and the cruise industry throughout the last 30 years," said Russell W. Galbut, chairman of the Board of Directors of Norwegian Cruise Line Holdings. "He has delivered superior financial results, expanded our fleet with luxurious and innovative ships, strengthened our global footprint and delivered unparalleled experiences for our guests. His passion and dedication will have a lasting impact on both our business and the industry at large, and we wish him only the best in his future endeavors."
Galbut continued, "The Board is thrilled to appoint Harry to succeed Frank as the Company's next CEO, - the culmination of a thoughtful succession planning process. A highly experienced leader and operator, Harry has worked alongside Frank for many years and helped drive the success of our largest, award-winning brand during a critical time. He successfully relaunched the NCL fleet following a more than 500-day pause, delivered the game-changing Norwegian Prima, the first of six ships in the brand's new class, and led the team to a record-breaking booking year in 2022. Harry is undoubtedly the right leader to lead our Company forward into the next chapter of growth."
"Leading Norwegian Cruise Line Holdings has been one of the most rewarding experiences of my professional career," said Frank Del Rio, president and chief executive officer of Norwegian Cruise Line Holdings Ltd. "My heartfelt gratitude goes out to our 39,000 team members around the globe whose innovation, tenacity and collaboration have strengthened this Company and built the industry's most passionate and loyal base of cruisers. With the Company solidly positioned for 2023 and beyond, I am confident that now is the right time to pass the baton to Harry. Having worked closely with Harry for decades, I know firsthand that his talent and skills are ideally suited to take this Company into its next era. I look forward to continuing to work closely with Harry, the Board and our management team during the coming months to ensure a seamless transition."
"I am incredibly humbled to succeed Frank as this iconic Company's next President and CEO, and I'm grateful to have the unwavering support of him and the Board to lead the Company as we embark on the next chapter for our storied brands," Sommer said. "I am proud to have been a part of the Company's successes during the last fifteen years, and I look forward to the bright future ahead including the transformational growth we have in the pipeline. I am honored and excited to lead and work shoulder-to-shoulder with what is unquestionably the best team in the industry to deliver on our business and financial goals."
Sommer added, "I'm particularly happy that David will be leading Norwegian Cruise Line as he has been a key contributor to NCL's success in recent years. With his strong financial, sales, marketing and business development background, David will be further empowered to guide the NCL brand on an accelerated path forward. I am confident that he is the right person, at the right time, to lead this amazing brand into a bright future ahead."
"I look forward to continuing to work alongside Harry and our leadership team to build on our strong momentum and continue to provide NCL guests with industry-leading experiences," Herrera said. "I am honored and grateful for this incredible opportunity to lead this premier cruise line and our world-class team."
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