NCL's Kevin Sheehan exiting, FDR to step in as CEO.

[hypercafe]

Who does not make it to Miami ?? NCL???

 

Not all NCL ships stop in Miami. Gem and Breakaway spent their time in NYC going here and their, Dawn does Boston & New Orleans and Spirit stays in Europe. Some are homeported in Miami including the new Getaway.

 

 

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[LHT28]

Who does not make it to Miami ?? NCL???

 

Not all NCL ships stop in Miami. Gem and Breakaway spent their time in NYC going here and their, Dawn does Boston & New Orleans and Spirit stays in Europe. Some are homeported in Miami including the new Getaway.

 

 

 

Has not stopped FDR in the past from joining ships in other ports but yes he probably will not just be popping to NYC for lunch onboard ...but you never know ;)

Edited January 10, 2015 by LHT28

[jeffreys1]

First, Congrats to FDR. I wonder if this was the plan all along and contributed to the decision to sell Oceania to NCL.

 

Here we are, two months after the deal closed and it's starting to look like Oceania took over NCL! :D

[hulamoon]

First, Congrats to FDR. I wonder if this was the plan all along and contributed to the decision to sell Oceania to NCL.

 

Here we are, two months after the deal closed and it's starting to look like Oceania took over NCL! :D

 

Yes, well said.

[turnip eater]

 

Has not stopped FDR in the past from joining ships in other ports but yes he probably will not just be popping to NYC for lunch onboard ...but you never know ;)

 

We met FDR when he popped over to Southampton UK to visit the Marina (ship not dock:D) for Oceania's 10th Anniversary celebrations, so he does get around:).

[computerworks]

The very best part of this whole scenario is the recent responses to the change of CEO that are expressed on the Norwegian social media outlets.

 

It is the precise mirror image of what we have seen here, expressed by the PCH oldies.

 

The NCL world is very apprehensive and taking a wait-and-see attitude about the new CEO.

 

"Will he have any clue how to run a mass market line?"

 

"Will the influence of Oceania and Regent ruin the Norwegian experience?"

 

"Here we go... watch Norwegian prices soar now that a luxury guy is running things..."

 

Simply hysterical hysterics. :p ...just like here. :cool:

[MVPinBoynton]

The very best part of this whole scenario is the recent responses to the change of CEO that are expressed on the Norwegian social media outlets.

 

It is the precise mirror image of what we have seen here, expressed by the PCH oldies.

 

The NCL world is very apprehensive and taking a wait-and-see attitude about the new CEO.

 

"Will he have any clue how to run a mass market line?"

 

"Will the influence of Oceania and Regent ruin the Norwegian experience?"

 

"Here we go... watch Norwegian prices soar now that a luxury guy is running things..."

 

Simply hysterical hysterics. :p ...just like here. :cool:

 

Thanks for that info. It is funny to see how people view events from different perspectives. But we can all appreciate how change causes minds to start churning and stress to increase. Being able to adapt to change makes for a happier life. :)

[njhorseman]

First, Congrats to FDR. I wonder if this was the plan all along and contributed to the decision to sell Oceania to NCL.

 

Here we are, two months after the deal closed and it's starting to look like Oceania took over NCL! :D

 

I'm not sure you (and some others who post here) understand the nature of the "sale".

 

Both NCLH and Prestige Cruise Holdings were under control of the same private equity companies, Apollo Global Management and TPG Capital, prior to the "sale", and these same private equity companies control the merged company after the "sale". I've used quotations because while the transaction was a sale for legal and technical reasons the operational reality is that it was a merger. It was a convenient way for Apollo and TPG to take PCH public using the vehicle of NCLH, which had been taken public the previous year. In addition the merger offered the potential of operational savings by eliminating duplicate home office functions (with some associated loss of jobs) and increased purchasing power of consumables such as fuel and food that the larger company would have. It also provides PCH with access to capital that it might not otherwise have had because of its realtively small size.

 

You'll notice I've identified the companies involved as NCLH and PCH...the holding companies...not the cruise lines NCL, Oceania and Regent Seven Seas. NCL (the cruise line) didn't buy anything. NCLH (the parent holding company of NCL) "bought" PCH, the parent holding company of Oceania and Regent. In reality, one Apollo/TPG controlled holding company absorbed another Apollo/TPG controlled holding company.

Edited January 10, 2015 by njhorseman

[njhorseman]

The very best part of this whole scenario is the recent responses to the change of CEO that are expressed on the Norwegian social media outlets.

 

It is the precise mirror image of what we have seen here, expressed by the PCH oldies.

 

The NCL world is very apprehensive and taking a wait-and-see attitude about the new CEO.

 

"Will he have any clue how to run a mass market line?"

 

"Will the influence of Oceania and Regent ruin the Norwegian experience?"

 

"Here we go... watch Norwegian prices soar now that a luxury guy is running things..."

 

Simply hysterical hysterics. :p ...just like here. :cool:

 

Of course, those observations were from people who didn't know that Sheehan was no longer the CEO of NCL (the cruise line) anyway...he was CEO of the parent holding company, NCLH. Drew Madsen was hired as CEO of NCL (the cruise line) three months ago. They should be more concerned about Madsen being in charge given his background as CEO of Darden Restaurants, which wasn't exactly the best run, most profitable restaurant chain in the country...to put it mildly.

[computerworks]

Wells Fargo Update:

Following a conversation with Del Rio and Beck, Wells Fargo said it appears Sheehan's decision to leave was not led by Apollo Management, indicative of a rift within the executive team related to hires, strategic direction or cost approach with the Prestige integration. Nor was it related to the issue of no executive management on the board or a developing problem with the financial fundamentals.

 

'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,' Conder said in an update to the brokerage's earlier note.

[Mura]

My initial reaction was that the NCL people here on CC would not be any happier at this latest change than we were a few months ago. From reading their CC messages, they are very happy with the product as it is. FDR is a very savvy executive and I can't imagine that he would tinker too much with a successful product. (I wouldn't mind liquor being permitted, however ...)

 

We have traveled mostly on O in the past 10 years or more, but only have a third NCL cruise coming up next October. While we vastly prefer O, we think it's a reasonable product for the price, especially if you book a suite. There's no question that people paying more GET more.

 

As to the question of who bought whom (or which bought what), my husband worked for Donaldson, Lufkin & Jenrette for the last 10 years of his working life. DLJ was a well respected brokerage firm, but it was a SMALL firm. It was no Merrill Lynch or E. F. Hutton. At one point they were acquired by Equitable, a much larger firm. Before we knew it, Dick Jenrette was the head of Equitable.

 

These things do happen ...

 

Mura

[PaulMCO]

My initial reaction was that the NCL people here on CC would not be any happier at this latest change than we were a few months ago. From reading their CC messages, they are very happy with the product as it is. FDR is a very savvy executive and I can't imagine that he would tinker too much with a successful product. (I wouldn't mind liquor being permitted, however ...)

 

We have traveled mostly on O in the past 10 years or more, but only have a third NCL cruise coming up next October. While we vastly prefer O, we think it's a reasonable product for the price, especially if you book a suite. There's no question that people paying more GET more.

 

As to the question of who bought whom (or which bought what), my husband worked for Donaldson, Lufkin & Jenrette for the last 10 years of his working life. DLJ was a well respected brokerage firm, but it was a SMALL firm. It was no Merrill Lynch or E. F. Hutton. At one point they were acquired by Equitable, a much larger firm. Before we knew it, Dick Jenrette was the head of Equitable.

 

These things do happen ...

 

Mura

 

 

Agree -- we have a Haven aft PH booked for the Christmas break. Certainly great for the "young adults" -- where they would likely be bored on "O." with its 70-ish crowd.

 

Certainly the introduction of ideas from a smaller business exec can bring innovation. Often times however the big fish swallows the guppy and kills the acquisition - glad this will likely not happen.

 

If the CEO left for personal reasons I am sure the press release would have stated such. Wonder what they will do with the Irish Pub name. Certainly DelRio's does not make sense :)

Edited January 10, 2015 by PaulMCO

[njhorseman]

Agree -- we have a Haven aft PH booked for the Christmas break. Certainly great for the "young adults" -- where they would likely be bored on "O." with its 70-ish crowd.

 

Certainly the introduction of ideas from a smaller business exec can bring innovation. Often times however the big fish swallows the guppy and kills the acquisition - glad this will likely not happen.

 

If the CEO left for personal reasons I am sure the press release would have stated such. Wonder what they will do with the Irish Pub name. Certainly DelRio's does not make sense :)

 

Not everyone wants their personal problems, challenges or issues mentioned or alluded to in a press release. Sheehan may be one of those people.

 

I believe you've said that (what I've highlighted in red above) in a couple of posts, but you're ignoring this information that has been provided by poster computerworks:

 

Wells Fargo Update:

Quote:

Following a conversation with Del Rio and Beck, Wells Fargo said it appears Sheehan's decision to leave was not led by Apollo Management, indicative of a rift within the executive team related to hires, strategic direction or cost approach with the Prestige integration. Nor was it related to the issue of no executive management on the board or a developing problem with the financial fundamentals.

 

'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,' Conder said in an update to the brokerage's earlier note.

Edited January 10, 2015 by njhorseman

[CintiPam]

Is there anyone who wouldn't recognize him?

 

He visits the Oceania and Regent ships quietly elvery time they're in Miami and most never know he's been on board. I'm sure he'll do the same with NCL ships (although many of them never make it to Miami).

 

I will be boarding Riviera Wednesday afternoon and certainly would love to meet him and provide my personal congratulations plus my thanks for my seven years of cruising bliss with Oceania.:)

[PaulMCO]

Not everyone wants their personal problems, challenges or issues mentioned or alluded to in a press release. Sheehan may be one of those people.

 

.

 

Sheehan has no rights. The board has the fiduciary obligation to set the record straight.

[njhorseman]

Sheehan has no rights. The board has the fiduciary obligation to set the record straight.

 

Baloney. He has the right to privacy, particularly if a health issue is involved. If his resignation is not in any way related to the company's performance and isn't expected to have a measurable impact on future earnings they don't have to say anything.

Edited January 10, 2015 by njhorseman

[JPR]

That is entirely correct, both a a legal and ethical matter. Moreover, if it is a health issue, HIPAA privacy rights would expose the company to a significant risk of liability if that were to be disclosed.

[titong]

Sheehan has no rights. The board has the fiduciary obligation to set the record straight.

 

Hogwash. He has the right to privacy-just like the rest of us do.

[StanandJim]

Hogwash. He has the right to privacy-just like the rest of us do.

 

He does, but similar to when a Public Official declines to proffer his health records, those in the media begin their speculations....

[PaulMCO]

Hogwash. He has the right to privacy-just like the rest of us do.

 

Not when he get a 3M+ golden parachute

 

Not when there is an issue of poor management. Did the board ask him to resign, did he resign for personal reasons, or ??

 

The stock was down over 3%, specifically over the resignation.

[njhorseman]

Not when he get a 3M+ golden parachute

 

Not when there is an issue of poor management. Did the board ask him to resign, did he resign for personal reasons, or ??

 

The stock was down over 3%, specifically over the resignation.

 

The stock was down over a lot more than his resignation. As I recall travel and tourism stocks in general took a bath because the terrorist attacks in France. Carnival and Royal Caribbean were also down, if less so than NCL.

 

Stock prices in the modern world are often based more on rumor, innuendo and speculation than investment fundamentals like earnings. If earnings were that important Amazon would be a penny stock, not selling for close to $300 per share.

[Hawaiidan]

:D Not a bad idea

 

Probably the ugliest ships I have ever seen...I don't know what they were thinking painting cartoons and garish "art" .....like graffiti . Something you would see in the bad part of town...

[Newtonville Dan]

Probably the ugliest ships I have ever seen...I don't know what they were thinking painting cartoons and garish "art" .....like graffiti . Something you would see in the bad part of town...

 

 

Hey Folks

 

Welcome to the family. Just drop your tux's and gowns over there and BlueJai will hand you your ball caps and tank tops. Over in this corner you can pick up your paint brushes and spray paint to brighten up the ships.

 

" Oh Thurston, Why do those people have their hats on backwards?"

 

Regards

 

Dan

[StanandJim]

Norwegians' ships are not the first to be big and boxy-

 

-and they aren't the first to be ruined by a hideously bad paint job, either-

 

Mr. Del Rio got to where he is because he has the taste and discernment to cut the wheat from the chaff and because he has the people skills, and, God love him, the patience to hold out for the quality that he knows will sell solidly year after year after year.

Given time, I know he will find a way to bring classy back.

[PaulMCO]

The stock was down over a lot more than his resignation. As I recall travel and tourism stocks in general took a bath because the terrorist attacks in France. Carnival and Royal Caribbean were also down, if less so than NCL.

 

Stock prices in the modern world are often based more on rumor, innuendo and speculation than investment fundamentals like earnings. If earnings were that important Amazon would be a penny stock, not selling for close to $300 per share.

 

NCL down 3.42%

CCL down .7%

RCL down .8%