Former Royal Caribbean CEO Joins Investor Calling for Main Modifications at Norwegian

Cruise {industry} veteran Adam Goldstein, who held govt positions with Royal Caribbean for greater than three many years, seems poised to carry his experience to Norwegian Cruise Line Holdings (NCLH).

In a commentary that appeared in Fortune on February 19, 2026, Goldstein says he helps operational adjustments {that a} main investor, Elliott Funding Administration, demanded in a scathing monetary critique of the cruise large.

Elliott holds at the very least a ten% stake within the firm, which operates the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises manufacturers.

In a letter to the NCLH board of administrators on February 17, 2026, the investor requires sweeping adjustments in management and technique in a bid to spice up earnings and inventory worth. 

The corporate’s board of administrators and executives ought to have stable cruise {industry} expertise, it added, particularly naming Goldstein as an acceptable alternative for the board.

Goldstein, in his commentary, shares that he’s now working with Elliott to “restore Norwegian to its rightful place as an {industry} chief.”

“Whereas Elliott has put my title ahead as a possible director, make no mistake: If appointed to the board, I’d function a director for all of Norwegian’s shareholders, cruisers and journey agent companions – not any single investor,” Adam Goldstein wrote in his commentary.

Norwegian Cruise Line Holdings’ main opponents embrace Royal Caribbean Group, the place Goldstein served as vice chairman in addition to president and CEO of the Royal Caribbean line, and Carnival Company.

Whereas Goldstein credit Norwegian with industry-leading belongings and fashionable facilities, he provides: “However Norwegian’s monetary efficiency has fallen behind that of its friends. If this mismatch persists, then Norwegian gained’t be capable to preserve tempo with the investments that its opponents are making within the supply of upscale experiences.”

Learn Additionally: Norwegian Cruise Line vs. Royal Caribbean: How Do They Evaluate?

In its biting appraisal of Norwegian’s enterprise prospects, Elliott had famous that revenues are considerably lower than these of its opponents and its inventory worth ought to be greater than double what it’s at present. Furthermore, the corporate on February 12, 2026, appointed John W. Chidsey as CEO of the mother or father firm. 

Chidsey has served on the board, however has no different cruise {industry} expertise; he’s a former CEO of Subway and Burger King.

Goldstein Vows to Construct on Manufacturers’ Successes

Leaving little doubt that he would settle for a place on the NCLH board of administrators, Goldstein’s commentary factors up the corporate’s strengths, together with its distinctive ships, its excessive fee of repeat visitors, and its workers.

At the same time as its largest investor is looking for technique adjustments, Norwegian introduced on February 16, 2026, that it has positioned orders for 3 new ships — one for every model. Contracts with Italian shipyard Fincantieri point out supply dates in 2036 and 2037.

These orders are along with a huge order positioned in April 2024, as reported in Cruise Hive, through which 4 mega-ships have been ordered for Norwegian Cruise Line and two every for Oceania and Regent. 

Goldstein isn’t any stranger to main ship launches; he oversaw the introduction of Royal Caribbean’s Freedom- and Oasis-class ships when he served as the highest govt on the line.

His assertion in response to Elliott’s suggestion that he ought to be a part of the Norwegian board signifies he believes he can carry his operational expertise to the forefront and ship stronger monetary outcomes.

Norwegian Cruise Line Holdings is about to launch its annual earnings on March 2, 2026.