Norwegian Cruise Line president and CEO Kevin Sheehan has surprised the industry, abruptly deciding to leave the company with immediate effect.
He will be replaced by Frank Del Rio, the CEO of Prestige Cruises International, which was acquired by Norwegian last November.
Del Rio was a co-founder of Oceania Cruises, a subsidiary of Prestige, and has more than 20 years of experience in the cruise 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," said Steve Martinez, member of Norwegian’s Board of Directors.
"We also thank Kevin Sheehan for his service to the company. 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 has been CEO of Prestige or its predecessor since April 2007.
The change at the top has left the industry speculating as to the real reasons for Sheehan’s sudden departure.
However two separate analysts – Jaime Katz of Morningstar and Wells Fargo’s Tim Conder said they had received assurances the move was prompted by a change in Sheehan’s personal circumstances.
"We were led to believe that Sheehan had something from a personal perspective that had changed in the last three months leading to his decision to leave the company ahead of the first five years post-NCLH’s IPO," Conder.
