In a surprise move, Norwegian Cruise Line Holdings has named Frank Del Rio as president and CEO, succeeding Kevin Sheehan, who has decided to leave the company, according to the company.
Del Rio is CEO of Prestige Cruise, the holding company for Regent Seven Seas Cruises and Oceania Cruises. Del Rio founded Oceania Cruises after leaving Renaissance Cruises.
Private equity firm Apollo Global Management was among the first investors in Oceania. Since then, it has acquired Regent Seven Seas and a partial stake in Norwegian. Late last year, Norwegian Cruise Line acquired Prestige in a deal valued at over $3 billion.
The surprise comes after the appointment of Drew Madsen as president of Norwegian Cruise Line and the departure of Kunal Kamlani as president of Prestige.
In a statement, Norwegian thanked Sheehan for his service to the company. “It has been a privilege to lead Norwegian Cruise Line for the past seven years,” Sheehan said in a statement. “I am proud of what we have accomplished, knowing that I am leaving the company stronger and healthier than when I joined. I am passing the torch to Frank, a renowned leader in the cruise industry.”.
