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Sheehan in as NCL CEONovember 10, 2008 By: David Eisen
Norwegian Cruise Line has named Kevin Sheehan as its new CEO, replacing Colin Veitch, who held the slot since 2000. Sheehan, who before being named to the new post was president and CFO of NCL, will continue in those capacities as well.
Prior to joining NCL, Sheehan served as chairman and CEO of Cendant Corp.'s vehicle services division, overseeing several companies, including Avis and Budget. Now, he is tasked with leading the "freestyle cruising line" through an economic morass, not unlike the one post-9/11.
In his favor, NCL reported a third-quarter profit of $171 million, compared to the same time last year, when it reported a loss of $8.6 million.
Also, NCL named Andy Stuart executive vice president, global sales and passenger services. Stuart previously was in charge of those areas, but during the past six months, he has worked as executive vice president and chief product officer, directing the expansion and upgrade of the "freestyle" concept.
Sheehan's appointment is another in a growing list of moves NCL has made since its 50-percent acquisition by Apollo Management last January. The line also redeployed two of its Hawaii ships to Europe. "We are extremely pleased with the revenue performance achieved in the [third] quarter and the significant improvement in our profitability," Sheehan said in a statement. "Our Hawaii operation is now profitable, the growth of our international fleet has had a very positive impact."
Sheehan also jumps in at a time when the line is in disagreement with Aker Yards in France over the construction of two NCL F3 ships; the dispute stemming from the cost of building.