Another Shake Up at NCL

[eroller]

No prob....

 

Genting 25%

Apollo 24%

TPG 7%

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Genting and TPG are planning to sell off 12.5 million shares of NCLH, resulting in Genting no longer being the largest single shareholder. That honor will fall to Apollo.

 

After the sale it will stand as follows:

Apollo 24%

Genting 22.1%

TPG Viking Funds 4.3%

 

Of course the two Genting executives that sat on the NCLH board have already resigned that position. It seems Genting is divesting itself a bit of NCLH, which is logical considering its recent announcement to purchase Crystal Cruises in its entirety from NYK. Perhaps there was a bit of conflict of interest. I know if I were NCLH I would not want executives from a primary luxury competitor sitting on my board. Talk about a competitive advantage!

[SeaShark]

Genting and TPG are planning to sell off 12.5 million shares of NCLH, resulting in Genting no longer being the largest single shareholder. That honor will fall to Apollo.

 

After the sale it will stand as follows:

Apollo 24%

Genting 22.1%

TPG Viking Funds 4.3%

 

Of course the two Genting executives that sat on the NCLH board have already resigned that position. It seems Genting is divesting itself a bit of NCLH, which is logical considering its recent announcement to purchase Crystal Cruises in its entirety from NYK. Perhaps there was a bit of conflict of interest. I know if I were NCLH I would not want executives from a primary luxury competitor sitting on my board. Talk about a competitive advantage!

 

Yes, the "resigned" their positions on the Board. That IS the correct word for it. Much like Kevin Sheehan "resigned", much like Mike Flesch "resigned", much like Drew Madsen "resigned". It must be contagious. :rolleyes:

[eroller]

Yes, the "resigned" their positions on the Board. That IS the correct word for it. Much like Kevin Sheehan "resigned", much like Mike Flesch "resigned", much like Drew Madsen "resigned". It must be contagious. :rolleyes:

 

 

Lots of "resignations" lately wouldn't you say? Must be something in the water! ;-)

[rossworld]

What makes this more interesting is the two who left the board of NCLH are Genting appointees.

 

Genting will likely sell their stake in NCLH. They have received permission to do

so but have not acted on that to this point.

[don't-use-real-name]

Lots of "resignations" lately wouldn't you say? Must be something in the water! ;-)

 

Lots of resignations - more correctly "Walking the Plank" - something rotten

in the state of Denmark (ah er Norwegian) ! Were is Paul Harvey when he is needed !

[bmwman]

You're right, and it didn't take long! Mike Flesch is gone too :confused::(

 

Andy Stuart is just the best thing to happen to NCL and a good old Brit!! Andy is one of life's great guys and we wish him so much success. I bet with him at the helm NCL will go from strength to strength. :)

[hondorner]

Yes, the "resigned" their positions on the Board. That IS the correct word for it. Much like Kevin Sheehan "resigned", much like Mike Flesch "resigned", much like Drew Madsen "resigned". It must be contagious. :rolleyes:

The decisions of the members of the board who resigned were most likely completely voluntary resignations. They were both from Genting and one was Chairman and CEO of Genting, and also Chairman of NCLH. With Genting being the largest shareholder, if they were "fired" from the board, then they fired themselves! No one at NCLH, either executive or board members, has enough power to force out the representatives of the largest shareholder!

[eroller]

The decisions of the members of the board who resigned were most likely completely voluntary resignations. They were both from Genting and one was Chairman and CEO of Genting, and also Chairman of NCLH. With Genting being the largest shareholder, if they were "fired" from the board, then they fired themselves! No one at NCLH, either executive or board members, has enough power to force out the representatives of the largest shareholder!

 

 

Considering that Genting is purchasing Crystal, a major competitor of Regent which is now part of NCLH, it would seem to be a conflict of interest having the Genting executives on the NCLH board. A great competitive advantage for Genting & Crystal, but if I were NCLH I would not be too happy having two of my competitor's executives sitting on my board. I would not be surprised if they were politely requested to resign or did so on their own knowing the request was forthcoming.

 

Of course Genting will soon be the second largest single shareholder after they sell off their announced shares. I would not be surprise if they divest even more of their NCLH holdings moving forward. That leaves Apollo as the largest single shareholder, but it seems they have been calling the shots all along anyway. As a private equity firm I would not be surprised to see them start divesting their interest in NCLH as well. I think they accomplished what they set out to do, make lots of $$ and take the company public. I'm not sure if they are interested in running a cruise line long term. That is not normally the objective of private equity firms. Other investment opportunities await.

[SeaShark]

The decisions of the members of the board who resigned were most likely completely voluntary resignations. They were both from Genting and one was Chairman and CEO of Genting, and also Chairman of NCLH. With Genting being the largest shareholder, if they were "fired" from the board, then they fired themselves! No one at NCLH, either executive or board members, has enough power to force out the representatives of the largest shareholder!

 

Maybe not someone at NCLH, but the stockholders/owners of Genting certainly can have them removed...especially if they disagree with their recent actions and decisions.

 

Being Chairman and CEO does not protect you...just ask Kevin Sheehan.

 

 

 

Broaden your view...look at the whole picture. Everyone answers to someone else.

[hondorner]

I've come to believe that all conspiracy theories have their basis in a belief that no one makes moves based on their own decision; everyone is coerced in some way by someone else. That seems to me to be an exceptionally paranoid reaction.

[swedish weave]

i've come to believe that all conspiracy theories have their basis in a belief that no one makes moves based on their own decision; everyone is coerced in some way by someone else. That seems to me to be an exceptionally paranoid reaction.

 

 

really ???????????

[ncklhaus]

Andy Stuart is just the best thing to happen to NCL and a good old Brit!! Andy is one of life's great guys and we wish him so much success. I bet with him at the helm NCL will go from strength to strength. :)

 

I'm hoping that with Andy Stuart in charge maybe he could bring Camille Olivere back. They were a great team.

[swedish weave]

lots of resignations - more correctly "walking the plank" - something rotten

in the state of denmark (ah er norwegian) ! Were is paul harvey when he is needed !

 

It is sometimes referred to in the corporate world as "playing musical chairs"

Edited March 9, 2015 by swedish weave

[time2cruise1]

It is sometimes referred to in the corporate world as "playing musical chairs"

 

 

Especially after a merger. Been involved in many and heads always roll.

 

 

Sent from my iPad using Tapatalk - Jim

[bonniboo1]

It is sometimes referred to in the corporate world as "playing musical chairs"

 

Or jumping ship

[swedish weave]

Or jumping ship

 

In some cases it is described as "rats leaving a sinking ship" !!!

[Erwende]

I was on a 12 day Med cruise last year and was stuck next to chain smokers on the balcony. I never email anyone but decided to the day I got off. I picked Andy Stuart randomly. I wasn't expecting a response just wanted to write. He replied with a long response 10 minute later! It was a personal email not canned. Kudos to this gentleman!

Leaving on the Getaway in 5 days!

 

 

Sent from my iPhone using Tapatalk

[LHT28]

In some cases it is described as "rats leaving a sinking ship" !!!

 

Or maybe to head up Crystal cruises when Genting takes over

[Snowrose]

I just saw a headline about a Secondary Offering of NCL stock, as someone high up is offering their stock for sale.

 

Just commenting. I'll leave the dissection of the move to others.

[emdia43]

I was on a 12 day Med cruise last year and was stuck next to chain smokers on the balcony. I never email anyone but decided to the day I got off. I picked Andy Stuart randomly. I wasn't expecting a response just wanted to write. He replied with a long response 10 minute later! It was a personal email not canned. Kudos to this gentleman!

Leaving on the Getaway in 5 days!

 

 

Sent from my iPhone using Tapatalk

 

Can you tell me the best email to reach him? thanks

[maxwellito]

Wonder why if Sheehan is out the welcome to the haven link still has his name on it

[Demonyte]

Wonder why if Sheehan is out the welcome to the haven link still has his name on it

 

NCL is notoriously slow to update their website - I'm not sure if Pride of America's deck plans are updated still and she was refurbished and new suites added almost two years ago.

[eroller]

In case anyone was wondering what Colin Veitch was up to since leaving NCL as CEO, here is some interesting news …

 

http://www.cruiseindustrynews.com/cruise-news/12322-richard-branson-and-virgin-sued-by-colin-veitch-over-cruise-deal.html

 

Apparently he is suing Richard Branson and the Virgin Group for $300 million stating the ideas for Virgin Cruises were his. He says he came up with the concept and the idea to build two mega-ships.

 

I'm not sure those ideas alone are worth $300 million and I'm thinking Virgin could have come up with that themselves. There hasn't even been an order placed yet for the two new vessels, so it's doubtful Veitch would have any clue what features and perhaps ground breaking innovations Virgin will incorporate into the vessels. It will be interesting to see how this plays out.

[swedish weave]

In case anyone was wondering what Colin Veitch was up to since leaving NCL as CEO, here is some interesting news …

 

http://www.cruiseindustrynews.com/cruise-news/12322-richard-branson-and-virgin-sued-by-colin-veitch-over-cruise-deal.html

 

Apparently he is suing Richard Branson and the Virgin Group for $300 million stating the ideas for Virgin Cruises were his. He says he came up with the concept and the idea to build two mega-ships.

 

I'm not sure those ideas alone are worth $300 million and I'm thinking Virgin could have come up with that themselves. There hasn't even been an order placed yet for the two new vessels, so it's doubtful Veitch would have any clue what features and perhaps ground breaking innovations Virgin will incorporate into the vessels. It will be interesting to see how this plays out.

 

If Veitch wins, maybe he can use the money to buy some of the NCLH stock Genting is dumping !! lol

[TheManitoban]

Im fairly new to NCL. Someone explain to me how Sheehan ended up leaving and if that was considered good or bad. Also, what changes did he make while CEO?

 

Thanks in advance.