Norwegian Cruise Line Taps Director John Chidsey as CEO

Norwegian Cruise Line Holdings (NCLH) has named board member John W. Chidsey as its president and chief executive officer, replacing Harry Sommer in a leadership change the company said was planned and not tied to disagreements over strategy or operations.

The CEO transition comes as activist investor Elliott Investment Management, which has built a stake of more than 10% in NCLH, presses for governance and strategic changes. NCLH is scheduled to provide additional performance detail when it reports fourth-quarter and full-year 2025 results on March 2, 2026.

Leadership change puts board director John W. Chidsey in the CEO role

NCLH said Feb. 12, 2026, that Chidsey would take over as president and CEO effective immediately. Sommer, who had been CEO since early 2023 after the retirement of Frank Del Rio, stepped down and also resigned from the company’s board.

Chidsey is a long-standing NCLH director. The company said he was appointed to the board in February 2025 and previously served as a director from 2013 to 2022. His executive background includes leading consumer-facing brands, including serving as CEO of Subway Restaurants and Burger King, though he does not have prior cruise industry experience.

Stella David, chairperson of NCLH’s board, said, “John has demonstrated his ability to lead businesses through meaningful transformation with a focus on operational rigor and accountability.” She also described him as “a highly respected leader and strategic voice,” adding that the board believes he is positioned to lead “execution and performance improvement.”

In comments released by the company, Chidsey said, “I am honored to take on the role of President and Chief Executive Officer at Norwegian Cruise Line Holdings,” adding that his priority is to work with the board and management “to sharpen execution, improve performance,” while continuing to deliver vacation experiences and “durable, long-term value creation.”

Elliott escalates pressure with “Norwegian Now” push

Elliott Investment Management has urged NCLH to address what it describes as performance gaps versus major cruise competitors. In a Feb. 17, 2026 letter to the board and an accompanying “Norwegian Now” presentation, Elliott cited missed revenue opportunities, rising costs, and what it called an inconsistent strategy as contributors to underperformance relative to Royal Caribbean Group and Carnival Corporation.

In a letter signed by Elliott Partner John Pike and Portfolio Manager Bobby Xu, the firm wrote, “The case for change at Norwegian is as compelling as any we have ever seen,” and argued that changes in leadership and approach could unlock significant value.

Elliott’s materials also outlined a valuation case, arguing the stock could reach $56 per share, which it characterized as about 159% above recent levels, if the company adopts a new approach. Elliott has also indicated it could take its case directly to shareholders at the company’s annual meeting if it is not satisfied with progress.

Board refresh debate spotlights cruise industry experience and Adam Goldstein

A central theme in Elliott’s critique is board and leadership composition, including a call for additional independent directors with cruise industry backgrounds. Elliott pointed to the Feb. 12 CEO transition as selecting a long-tenured director without cruise sector executive experience.

Elliott’s letter specifically suggested adding cruise executives to the board, including former Royal Caribbean leader Adam Goldstein. Goldstein spent more than three decades at Royal Caribbean and held senior roles including vice chairman of Royal Caribbean Group and president and CEO of Royal Caribbean International.

In a commentary published by Fortune on Feb. 19, 2026, Goldstein wrote that he is working with Elliott and supports the operational changes the investor is seeking. Addressing a potential board role, Goldstein wrote, “If appointed to the board, I would serve as a director for all of Norwegian’s shareholders, cruisers and travel agent partners, not any single investor.”

Goldstein also acknowledged NCLH’s strengths while raising concerns about comparative results. “Norwegian’s financial performance has fallen behind that of its peers,” he wrote, adding that an extended gap could affect the company’s ability to keep pace with competitors’ investments in product offerings. The Wall Street Journal also reported that Goldstein could be under consideration for a board seat at NCLH.

Financial context ahead of NCLH’s March 2 results

Elliott’s critique includes a detailed look at NCLH’s recent revenue performance. The company posted revenue of about $2.1 billion in the first quarter of 2025, about 3% below the same period in 2024, followed by roughly $2.5 billion in the second quarter and a record $2.9 billion in the third quarter.

By comparison, Royal Caribbean Group reported roughly $17.9 billion in revenue in 2025, while Carnival Corporation reported about $26.6 billion in record revenue for 2025.

NCLH said it expects fourth-quarter 2025 Net Yield to come in around the midpoint of its previously disclosed range, and it expects core quarterly and full-year 2025 results to be consistent with guidance it issued on Nov. 4, 2025. The company plans to release its fourth-quarter and full-year 2025 results on March 2, 2026.

Fleet pipeline expands through 2037, with near-term deliveries next

Even as the governance dispute intensifies, NCLH has continued to extend its long-term shipbuilding plans. On Feb. 17, 2026, the company announced an agreement with Italian shipbuilder Fincantieri for three ships, one each for Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, with deliveries expected in 2036 and 2037.

Chidsey, in remarks tied to the Fincantieri agreement, said, “Together with Fincantieri, a trusted partner for decades, we continue to advance a disciplined approach to fleet growth,” adding that the deal secures shipyard capacity through the end of 2037 while maintaining “financial discipline.” He also said, “This agreement secures access to valuable shipyard capacity through the end of 2037, supporting our long-term growth while maintaining financial discipline and driving sustainable shareholder value.”

The newbuilds include a sister to Regent Seven Seas’ Seven Seas Prestige and a sister to Oceania Cruises’ Oceania Sonata. NCLH also said it is developing a new class for Norwegian Cruise Line that exceeds 227,000 gross tons and accommodates more than 5,000 passengers.

NCLH said its forward orderbook now totals 17 ships scheduled to enter service through 2037 across the three brands. The company’s nearer-term newbuild schedule includes:

• Norwegian Cruise Line: Norwegian Luna (March 2026) and Norwegian Aura (May 2027).
• Regent Seven Seas Cruises: Seven Seas Prestige (December 2026), the first ship in Regent’s first new class in 10 years.
• Oceania Cruises: Oceania Sonata (August 2027).

NCLH has said Norwegian Aura will be about 10% larger than earlier ships in its series. Separately, the company named cruise industry veteran Marc Kazlauskas as president of Norwegian Cruise Line in December 2025.

With a new CEO in place and Elliott pressing for board and strategy changes ahead of the annual meeting in March 2026, attention now turns to NCLH’s March 2 earnings release and investor call for more clarity on performance and outlook.

Frequently Asked Questions (FAQs)

Who is the new CEO of Norwegian Cruise Line Holdings?

John W. Chidsey has been appointed president and chief executive officer of Norwegian Cruise Line Holdings. He is a current NCLH director and has led global consumer brands, including serving as CEO of Subway Restaurants and Burger King.

Why did Harry Sommer step down as CEO?

NCLH said Sommer’s departure was part of a planned leadership change and was not tied to any disagreement involving the company’s operations, policies, or practices. Sommer also resigned from the company’s board.

What is Elliott Investment Management’s “Norwegian Now” proposal?

“Norwegian Now” is Elliott’s plan urging NCLH to pursue what it describes as a strategic and governance overhaul. Elliott has cited missed revenue opportunities, rising costs, and inconsistent strategy, and it has called for adding independent directors with cruise industry backgrounds and making operational improvements aimed at stronger performance.

What ships are included in NCLH’s recent shipbuilding plans with Fincantieri?

NCLH announced an agreement with Fincantieri for three ships, one each for Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, with deliveries expected in 2036 and 2037. The company also described a new Norwegian Cruise Line class exceeding 227,000 gross tons with capacity for more than 5,000 passengers, and said the orderbook totals 17 ships through 2037.

When will NCLH report its next earnings results?

NCLH is scheduled to release fourth-quarter and full-year 2025 results on March 2, 2026.