NCLH is getting lean.

[Golfin55]

NCLH just had to executive board members resign this week. Leaving two vacant spots on the board of directors. NCLH, turns around and decides they don't need to fill the positions, so they do away with them.

 

BRAVO, best move in a while. Finally the majority of the Sheehan regime is gone... Bye, bye APOLLO. Have a safe trip back to Purchase NY. NO MORE SPEND, SPEND, SPEND...

[beerman2]

NCLH just had to executive board members resign this week. Leaving two vacant spots on the board of directors. NCLH, turns around and decides they don't need to fill the positions, so they do away with them.

 

BRAVO, best move in a while. Finally the majority of the Sheehan regime is gone... Bye, bye APOLLO. Have a safe trip back to Purchase NY. NO MORE SPEND, SPEND, SPEND...

 

You've made your point known numerous times about past and present NCL CEO's. Let it go! Move on!

[swedish weave]

You've made your point known numerous times about past and present NCL CEO's. Let it go! Move on!

 

I think it is prudent to post information regarding the cruise lines changes. Many who post here have a vested interest in the cruise lines management changes.

 

OP --Keep us posted

[njhorseman]

NCLH just had to executive board members resign this week. Leaving two vacant spots on the board of directors. NCLH, turns around and decides they don't need to fill the positions, so they do away with them.

 

BRAVO, best move in a while. Finally the majority of the Sheehan regime is gone... Bye, bye APOLLO. Have a safe trip back to Purchase NY. NO MORE SPEND, SPEND, SPEND...

 

Bye, bye Apollo? Hardly. Of the nine remaining directors, two are principals of Apollo.

 

Two of the remaining directors who are not Apollo principals are former senior officers of Cendant. When Cendant was broken up into five separate business in 2005/2006, two of those businesses were bought by Apollo. Do you think there's a possibility that these two executives made millions from the sale of those Cendant divisions to Apollo? Do you think they might be inclined to be cooperative with Apollo's wishes as a result? Those are rhetorical questions by the way.

 

One of the remaining directors is Frank Del Rio who was Apollo's choice to lead both the former Prestige Cruise Holdings (oh yes...Apollo was the controlling owner of PCH) and now of course NCLH .

 

So to recap, of NCLH's nine remaining directors, two are principals of Apollo, two are closely allied with Apollo from their days at Cendant, and one is Apollo's hand-picked CEO of NCLH. In other words five of the nine...and last I checked five of nine constitutes a majority...are going to be very favorably inclined to agree with how Apollo wants to run the company.

 

By the way, non-executive directors, such as the two who resigned, are not that highly compensated in comparison to company executives. As a result eliminating two director positions doesn't save all that much money. Here's the director compensation policy that was adopted in 2015:

New Directors’ Compensation Policy

We adopted a new Directors’ Compensation Policy effective January 1, 2015. Under the new policy,

each member of the Board who is not employed by us or affiliated with the Sponsors (a “Non-Affiliated

Director”) is entitled to receive the following as cash compensation: (1) an annual retainer of $100,000,

payable in four equal quarterly installments, and (2) $10,000 for each Board or committee meeting located

in the United Kingdom attended in-person, provided that only one meeting fee is payable for multiple

Board or committee meetings held on the same day or over consecutive days. Any Non-Affiliated Director

serving as Chairman of the Audit Committee is entitled to receive an additional annual retainer, payable in

four equal quarterly installments, of $10,000, and each Non-Affiliated Director serving as a member of the

Audit Committee is entitled to a fee of $1,200 for each Audit Committee meeting attended in-person or

telephonically. The annual retainer and any additional retainers are each pro-rated for partial years of

service.

The Non-Affiliated Directors have the right to elect to receive their annual retainers in the form of a

restricted share award in lieu of cash. Any such restricted share award will automatically be granted on the

first business day of each calendar year, and will vest in four substantially equal quarterly installments on

the last day of each quarter in the applicable calendar year (which vesting schedule corresponds to the

payment schedule for the annual retainers).

In addition, each of the Non-Affiliated Directors is entitled to receive (a) an initial restricted share

award in connection with the Non-Affiliated Director’s appointment to the Board valued at $100,000 on the date of the award and (b) an annual restricted share award on the first business day of each calendar year valued at $50,000 on the date of the award. Each Non-Affiliated Director’s initial award vests in four

substantially equal annual installments on each of the first four anniversaries of the grant date. Each

Non-Affiliated Director’s annual restricted share award vests in four substantially equal quarterly

installments on the last day of each quarter in the applicable calendar year. Each Non-Affiliated Director’s

annual restricted share award is pro-rated for partial years of service.

Each of our Non-Affiliated Directors is reimbursed for reasonable out-of-pocket expenses for

attendance at Board and committee meetings.

Edited March 12, 2016 by njhorseman

[Golfin55]

You've made your point known numerous times about past and present NCL CEO's. Let it go! Move on!

 

 

YES DADDY[emoji848]

[Golfin55]

Bye, bye Apollo? Hardly. Of the nine remaining directors, two are principals of Apollo.

 

Two of the remaining directors who are not Apollo principals are former senior officers of Cendant. When Cendant was broken up into five separate business in 2005/2006, two of those businesses were bought by Apollo. Do you think there's a possibility that these two executives made millions from the sale of those Cendant divisions to Apollo? Do you think they might be inclined to be cooperative with Apollo's wishes as a result? Those are rhetorical questions by the way.

 

One of the remaining directors is Frank Del Rio who was Apollo's choice to lead both the former Prestige Cruise Holdings (oh yes...Apollo was the controlling owner of PCH) and now of course NCLH .

 

So to recap, of NCLH's nine remaining directors, two are principals of Apollo, two are closely allied with Apollo from their days at Cendant, and one is Apollo's hand-picked CEO of NCLH. In other words five of the nine...and last I checked five of nine constitutes a majority...are going to be very favorably inclined to agree with how Apollo wants to run the company.

 

By the way, non-executive directors, such as the two who resigned, are not that highly compensated in comparison to company executives. As a result eliminating two director positions doesn't save all that much money. Here's the director compensation policy that was adopted in 2015:

New Directors’ Compensation Policy

We adopted a new Directors’ Compensation Policy effective January 1, 2015. Under the new policy,

each member of the Board who is not employed by us or affiliated with the Sponsors (a “Non-Affiliated

Director”) is entitled to receive the following as cash compensation: (1) an annual retainer of $100,000,

payable in four equal quarterly installments, and (2) $10,000 for each Board or committee meeting located

in the United Kingdom attended in-person, provided that only one meeting fee is payable for multiple

Board or committee meetings held on the same day or over consecutive days. Any Non-Affiliated Director

serving as Chairman of the Audit Committee is entitled to receive an additional annual retainer, payable in

four equal quarterly installments, of $10,000, and each Non-Affiliated Director serving as a member of the

Audit Committee is entitled to a fee of $1,200 for each Audit Committee meeting attended in-person or

telephonically. The annual retainer and any additional retainers are each pro-rated for partial years of

service.

The Non-Affiliated Directors have the right to elect to receive their annual retainers in the form of a

restricted share award in lieu of cash. Any such restricted share award will automatically be granted on the

first business day of each calendar year, and will vest in four substantially equal quarterly installments on

the last day of each quarter in the applicable calendar year (which vesting schedule corresponds to the

payment schedule for the annual retainers).

In addition, each of the Non-Affiliated Directors is entitled to receive (a) an initial restricted share

award in connection with the Non-Affiliated Director’s appointment to the Board valued at $100,000 on the date of the award and (b) an annual restricted share award on the first business day of each calendar year valued at $50,000 on the date of the award. Each Non-Affiliated Director’s initial award vests in four

substantially equal annual installments on each of the first four anniversaries of the grant date. Each

Non-Affiliated Director’s annual restricted share award vests in four substantially equal quarterly

installments on the last day of each quarter in the applicable calendar year. Each Non-Affiliated Director’s

annual restricted share award is pro-rated for partial years of service.

Each of our Non-Affiliated Directors is reimbursed for reasonable out-of-pocket expenses for

attendance at Board and committee meetings.

 

 

NJHorseman,

 

It is obvious you went to Wharton, I did not (hard to believe it, I know). Anyway, eyez knowz what I knowz. You must stop using big boy words, and please... I beg of you. Dumb down your retort for simple folk like myself.

 

XOXO

[backsbanny]

Yep apollo still has majority

[sparks1093]

Whoever is in charge they have a long way to go to achieve Del Rio's vision. I do hope they pull it off but I have my doubts.

[Casino Comp Chick]

YES DADDY[emoji848]

 

And here I thought DelFeo was just your cousin, it makes total sense now ;)