Frank Del Rio, president and CEO of Norwegian Cruise Line Holdings Ltd., revealed on Monday that he will retire this summer after working in the cruise industry for three decades.
According to a news release, Del Rio, 68, will retire from his position and the board of directors of the company on June 30. He will be replaced by Harry Sommer, president and chief executive officer of the company’s eponymous brand, Norwegian Cruise Line.
NCLH runs Oceania Cruises, Regent Seven Seas Cruises, and NCL. Oceania was started by Del Rio in 2002. Since 2015, he has served as the organization’s president.
According to the press release, Del Rio’s tenure as CEO of Norwegian Cruise Line Holdings has been among his most satisfying. “My sincere thanks is extended to our 39,000 team employees throughout the world whose creativity, persistence, and teamwork have bolstered this business and created the most ardent and devoted cruiser base in the industry. I am certain that this is the ideal time to hand the reins over to Harry because the company is well-positioned for 2023 and beyond.
According to NCLH, Del Rio will continue to support the board as a senior advisor through 2025.
Russell W. Galbut, chairman of the company’s board of directors, was quoted in the statement as saying, “On behalf of the Board and the whole organisation, I appreciate Frank for his important contributions to our Company and the cruise industry for the previous 30 years.
Beginning on April 1, David Herrera, NCL’s chief consumer sales and marketing officer, will succeed Sommer, who will then shift into a job reporting to Del Rio.
Del Rio oversaw the business during the COVID-19 outbreak and the subsequent revival of the cruise industry.
Recently, NCLH disclosed a larger-than-anticipated fourth-quarter deficit. The company has “definitely been under the most Wall Street pressure to cut back on costs,” according to Patrick Scholes, a lodging and leisure analyst with Truist Securities, who spoke to USA TODAY in February, before the earnings update. The other two major publicly traded cruise companies are Carnival Corp. and Royal Caribbean Group.