Cruising for Trouble: Activist Investor Elliott Chastises Norwegian Board for CEO Picks

Cruising for Trouble: Activist Investor Elliott Chastises Norwegian Board for CEO Picks

It’s anything but smooth sailing for Norwegian Cruise Line and its new CEO.  The company, which has struggled recently to keep up with rivals like Royal Caribbean and Carnival, announced last week that former Subway Restaurants chief executive John Chidsey was taking over as CEO, effective immediately. Stocks fell more than 7% on Friday after the news, and that wasn’t the worst of it. On Tuesday, activist investor Elliott Investment Management, …

Norwegian Cruise Line Overhaul? Activist Investor Wants Big Changes

Consider the seas choppy when it comes to a major investor in Norwegian Cruise Line. Elliott Investment Management is turning up the heat on Norwegian Cruise Line Holdings after disclosing a more than 10% stake in the company and publishing a sweeping 59-page indictment of its leadership, strategy and governance. The campaign, launched Monday under the banner “Norwegian Now,” lays out a detailed case that the cruise line has squandered a decade …

Elliott takes 10% stake in Norwegian Cruise

Activist hedge fund Elliott Investment Management has disclosed a stake exceeding 10% in Norwegian Cruise Line Holdings, citing concerns over corporate governance and management spending, including on a Katy Perry concert, according to a report by Bloomberg. Elliott argued that such outlays have not generated shareholder value and outlined a strategy for Norwegian shares to reach $56. Following the disclosure, Norwegian shares surged 12% to $24.…