Kevin Sheehan Resigns

[hondorner]

NJ & Don

 

All of my training, experience and instincts honed over 40 years as a trial attorney helped me formulate my opinion that there was a palace coup between Thanksgiving and New Years Day which took advantage of Kevin Sheehan's absence while he was away on a well deserved vacation.

 

Nothing negative should be inferred about the efficacy of such a secret plot. It would simply be a fact of corporate life.

 

If anyone disagrees with my opinion, they are entitled to their own adverse opinion.

 

 

John

Well, sure, John, attorneys are trained to think in terms of a conspiracy (please don't get upset -- I'm teasing you).

 

I sort of disagree with you, at least as far as My. Del Rio is concerned. I consider him a friend, and all my instincts and experience are that there is nothing Machiavellian about him. My instinct is that he and Mr. Sheehan became friends during this process, if not before; I believe Mr. Del Rio has a history of doing some consulting with NCL, likely through their common connection with Apollo. I'm reassured by Mr. Sheehan's comments about passing the baton to Mr. Del Rio.

 

I choose to believe Mr. Sheehan stepped away for reasons of his own, and likely discussed it with Mr. Del Rio before handing over that baton. However, if there was any impetus in the decision, my bet would be that it came from Apollo.

[Uniall]

Well, sure, John, attorneys are trained to think in terms of a conspiracy (please don't get upset -- I'm teasing you).

 

I sort of disagree with you, at least as far as My. Del Rio is concerned. I consider him a friend, and all my instincts and experience are that there is nothing Machiavellian about him. My instinct is that he and Mr. Sheehan became friends during this process, if not before; I believe Mr. Del Rio has a history of doing some consulting with NCL, likely through their common connection with Apollo. I'm reassured by Mr. Sheehan's comments about passing the baton to Mr. Del Rio.

 

I choose to believe Mr. Sheehan stepped away for reasons of his own, and likely discussed it with Mr. Del Rio before handing over that baton. However, if there was any impetus in the decision, my bet would be that it came from Apollo.

 

I think your affection for DelRio may be blocking your ability to consider all possibilities. But, that's human nature and I mean no offense by it.

 

I don't think DelRio was necessarily a prime mover of the ouster. He could well have just been the beneficiary.

 

The fact that it came out of the clear blue without an orderly transition when Sheehan returned from a vacation which he took immediately following the merger is very suspicious and compelling.

 

I liked Sheehan very much. I'm also a big time fan of Andy Stuart. I loved the concept of a Gaelic leadership team (Irish & Scot). LOL

I don't have an opinion of DelRio but trust a seasoned veteran of the cruise industry doesn't hide a wrecking ball in his back pocket.

 

It's my background and education (Bachelor of Management & Doctor of Law) which compels me to musing about the who, what, why, when and how of the change. LOL

 

John

PS

Regarding your suggestion that attorneys are prone to conspiracy theories, I happily plead guilty.

Again, it's human nature for people to conspire with others and against others.

For 40 years I had a brass plaque on my law desk with an adage attributed to the existentialist poet, Delmar Schwatz but popularized by the likes of Henry Kissinger, Gold Meir, and even Wood Allen:

 

Even paranoids have real enemies.............

Edited January 19, 2015 by Uniall

[njhorseman]

Lawyers who draft Separation Agreements usually and customarily include a "keep your mouth shut" clause that prevents the former employee from disclosing the reasons for leaving.

 

Yes, and corporations often have policies preventing the disclosure of personnel matters such as an employee's reason for leaving. That's apparently the case at NCLH, as Del Rio was quoted in the Miami Herald article as saying: “It’s a matter of policy we don’t comment on personnel matters.”

 

So given NCLH's corporate policy, as well as the distinct possibility that Sheehan's contract prohibits him from saying anything, I don't understand your harping on the question of why he left. You wrote back in post #74:

 

"An emotional plea for privacy may be appropriate in most cases.

But, when dealing with a publicly traded corporation with billions of dollars in assets and many thousands of customers with millions of dollars in deposits, the public's right to know must be balanced against the personal privacy."

 

It seems to me that your words in post 74 ignore the realities of the likely corporate policy and contractual restrictions that preclude both NCLH and Sheehan from disclosing the exact reason for his departure. You can't have it both ways.

Edited January 19, 2015 by njhorseman

[Uniall]

Yes, and corporations often have policies preventing the disclosure of personnel matters such as an employee's reason for leaving. That's apparently the case at NCLH, as Del Rio was quoted in the Miami Herald article as saying: “It’s a matter of policy we don’t comment on personnel matters.”

 

So given NCLH's corporate policy, as well as the distinct possibility that Sheehan's contract prohibits him from saying anything, I don't understand your harping on the question of why he left. You wrote back in post #74:

 

"An emotional plea for privacy may be appropriate in most cases.

But, when dealing with a publicly traded corporation with billions of dollars in assets and many thousands of customers with millions of dollars in deposits, the public's right to know must be balanced against the personal privacy."

 

It seems to me that your words in post 74 ignore the realities of the likely corporate policy and contractual restrictions that preclude both NCLH and Sheehan from disclosing the exact reason for his departure. You can't have it both ways.

 

NJ

 

I'm not trying to have it both ways at all.

 

A contract between NCL and Sheehan may provide for his loss of a severence package if he discloses the reasons for his departure but that doesn't prohibit the coporation from being required to disclose circumstances surrounding the departure. Indeed, early reports of the departure were disclosed by the corporation in public filings with governmental agencies required by law.

 

Intervening factors could allow Sheehan to keep the severence package even if he violated a contract's disclosure clauses (e.g. repsonse to a subpoena, or keeping his fiduciary duties to stockholders, disclosure of federal, state or local law violations, the public interest outweighs enforcememt of the clause and the like)

 

I want to know what caused the departure because I believe the public has a right to know in order to be assured no laws have been violated, how the corporations delivery of product and services will be affected, whether there is any adverse affect on stock prices.

 

These are the types of questions taught to first year law students in Contracts 101.

 

John

PS

I'm pretty consisted in similar matters.

I'm still waiting for the truth about Benghazi. LOL

Edited January 19, 2015 by Uniall

[njhorseman]

NJ

 

I'm not trying to have it both ways at all.

 

A contract between NCL and Sheehan may provide for his loss of a severence package if he discloses the reasons for his departure but that doesn't prohibit the coporation from being required to disclose circumstances surrounding the departure. Indeed, early reports of the departure were disclosed by the corporation in public filings with governmental agencies required by law.

 

Intervening factors could allow Sheehan to keep the severence package even if he violated a contract's disclosure clauses (e.g. repsonse to a subpoena, or keeping his fiduciary duties to stockholders, disclosure of federal, state or local law violations, the public interest outweighs enforcememt of the clause and the like)

 

I want to know what caused the departure because I believe the public has a right to know in order to be assured no laws have been violated, how the corporations delivery of product and services will be affected, whether there is any adverse affect on stock prices.

 

These are the types of questions taught to first year law students in Contracts 101.

 

John

PS

I'm pretty consisted in similar matters.

I'm still waiting for the truth about Benghazi. LOL

 

John:

 

The press release announcing Sheehan's departure that I cited in an earlier post appears to include the required financial guidance. It is of course also incorporated in NCL's 8-K filing made on January 9. What more would you like? Would you like the SEC to investigate every 8-K filing made by every corporation without their having any evidence of wrongdoing ?

 

http://www.nclhltdinvestor.com/secfiling.cfm?filingID=950142-15-52&CIK=1513761

 

"2014 Guidance and Sensitivities

 

The Company reiterates its prior full year 2014 Adjusted EPS guidance of $2.28 to $2.32. The guidance provided excludes the results of the acquisition of Prestige Cruises International, Inc. and also excludes the financial impacts from the Insignia incident of December 2014. The Company expects to provide first quarter and full year 2015 guidance, along with detailed metrics, on its forthcoming fourth quarter and full year 2014 results conference call, which is still to be scheduled."

[Uniall]

John:

 

The press release announcing Sheehan's departure that I cited in an earlier post appears to include the required financial guidance. It is of course also incorporated in NCL's 8-K filing made on January 9. What more would you like? Would you like the SEC to investigate every 8-K filing made by every corporation without their having any evidence of wrongdoing ?

 

http://www.nclhltdinvestor.com/secfiling.cfm?filingID=950142-15-52&CIK=1513761

 

"2014 Guidance and Sensitivities

 

The Company reiterates its prior full year 2014 Adjusted EPS guidance of $2.28 to $2.32. The guidance provided excludes the results of the acquisition of Prestige Cruises International, Inc. and also excludes the financial impacts from the Insignia incident of December 2014. The Company expects to provide first quarter and full year 2015 guidance, along with detailed metrics, on its forthcoming fourth quarter and full year 2014 results conference call, which is still to be scheduled."

 

What more do I want?

For me, I want the the truth, the whole truth and nothing but the truth.

I want that disclosure because it affects the value of my stock or the value of a product that I spend 50K a year on.

 

But public protection requires even more. Full disclosure comes before knowledge of wrong doing. You don't seem to understand that American Law has evolved since tha 1890s. In America, "public corporations" can no longer cut deals to with others in secret cigar smoke filled back rooms to restrain trade, control prices, manipulate the stock market, deliver an unsafe or dangerous product, engage in a caveat emptor war with the consumer. They are held to a higher standard on all fronts: consumer protection, product safety, stock market manipulation, financial disclosure ad infinitum. They must act in the publics' interest not just their self interest. American Law does not allow for any absolutes. Everything in law is a balancing of this right against that right. Public disclosure of corporate actions and events are necessary to make sure the proper balance of rights is maintained.

Edited January 19, 2015 by Uniall

[rubrrick]

What more do I want?

For me, I want the the truth, the whole truth and nothing but the truth.

I want that disclosure because it affects the value of my stock or the value of a product that I spend 50K a year on.

 

But public protection requires even more. Full disclosure comes before knowledge of wrong doing. You don't seem to understand that American Law has evolved since tha 1890s. In America, "public corporations" can no longer cut deals to with others in secret cigar smoke filled back rooms to restrain trade, control prices, manipulate the stock market, deliver an unsafe or dangerous product, engage in a caveat emptor war with the consumer. They are held to a higher standard on all fronts: consumer protection, product safety, stock market manipulation, financial disclosure ad infinitum. They must act in the publics' interest not just their self interest. American Law does not allow for any absolutes. Everything in law is a balancing of this right against that right. Public disclosure of corporate actions and events are necessary to make sure the proper balance of rights is maintained.

 

 

Have you looked into Del Rio's background?

 

When he was running Renaissance.......and he bankrupted the company......and left all of his cruise passengers at strange ports......to make their own arrangements to get home. They were stranded. That is Frank Del Rio! Look it up!

 

Kevin S is a straight shooter, and I too, have had the honor of meeting him.

 

I was looking forward to attending a convention.....for agents, onboard the Getaway. Now that I know that Del Rio has it in his hands, I'm probably skip the conference.........and just enjoy the memories of NCL.............my one and only......and great cruise!:)

 

Rick

[hondorner]

Have you looked into Del Rio's background?

 

When he was running Renaissance.......and he bankrupted the company......and left all of his cruise passengers at strange ports......to make their own arrangements to get home. They were stranded. That is Frank Del Rio! Look it up!

 

Kevin S is a straight shooter, and I too, have had the honor of meeting him.

 

I was looking forward to attending a convention.....for agents, onboard the Getaway. Now that I know that Del Rio has it in his hands, I'm probably skip the conference.........and just enjoy the memories of NCL.............my one and only......and great cruise!:)

 

Rick

 

Have YOU looked into Mr. Del Rio's background? Obviously not, as you are completely wrong.

 

Del Rio was a financial officer with Renaissance when they were losing money due to strange ideas from the owner. They did not pay commissions, and travel agents were against them. Del Rio was tapped as co-CEO to turn the company around (the other co-CEO was in charge of operations). He changed the travel agent policy and other reforms and brought the company to a point where it was profitable enough to attract buyers. The original owner sold the company in May, 2001. The new owners had their own fellow in line for CEO, and Frank and the other co-CEO were fired that May, months before the bankruptcy.

 

Then the 9/11 tragedy happened and essentially all travel stopped. The NEW owners of Renaissance, not FDR, took the company bankrupt, in September, 2001, two weeks after 9/11. By the time of the bankruptcy, FDR was no longer with the company.

 

All 8 of Renaissance's ships, R1 through R8, were repossesed and put in mothballs in Marseilles harbor. Because of his recognized success in making Renaissance profitable, in 2002 he was offered the opportunity to charter one or more on the "R" ships. He formed Oceania with a paltry $14 Million invested by friends and relatives and made the maiden voyage on July 5, 2003. He chartered two more of the "R" ships and in 4 years was successful enough to sell 70% of the company to Apollo for nearly $1 Billion.

 

Within 5 more years Marina and Riviera, considered to be two of the most beautiful cruise ships, were launched and a year later, on July 5, 2013, clebrated their 10th anniversary. Less than a year later, NCL bought the company for $3 Billion. There have been few others who have accomplished the same rate of success in the cruise industry.

 

While Mr. Sheehan achieved laudable results with NCL, FDR turned one cruise around and built another from scratch, achieving fabulous success. They are cut from the same cloth, and KS was on target when he said he was pleased to pass the baton of leading the combined companies to FDR.

Edited January 20, 2015 by hondorner

[UPNYGuy]

Have YOU looked into Mr. Del Rio's background? Obviously not, as you are completely wrong.

 

Del Rio was a financial officer with Renaissance when they were losing money due to strange ideas from the owner. They did not pay commissions, and travel agents were against them. Del Rio was tapped as co-CEO to turn the company around (the other co-CEO was in charge of operations). He changed the travel agent policy and other reforms and brought the company to a point where it was profitable enough to attract buyers. The original owner sold the company in May, 2001. The new owners had their own fellow in line for CEO, and Frank and the other co-CEO were fired that May, months before the bankruptcy.

 

Then the 9/11 tragedy happened and essentially all travel stopped. The NEW owners of Renaissance, not FDR, took the company bankrupt, in September, 2001, two weeks after 9/11. By the time of the bankruptcy, FDR was no longer with the company.

 

All 8 of Renaissance's ships, R1 through R8, were repossesed and put in mothballs in Marseilles harbor. Because of his recognized success in making Renaissance profitable, in 2002 he was offered the opportunity to charter one or more on the "R" ships. He formed Oceania with a paltry $14 Million invested by friends and relatives and made the maiden voyage on July 5, 2003. He chartered two more of the "R" ships and in 4 years was successful enough to sell 70% of the company to Apollo for nearly $1 Billion.

 

Within 5 more years Marina and Riviera, considered to be two of the most beautiful cruise ships, were launched and a year later, on July 5, 2013, clebrated their 10th anniversary. Less than a year later, NCL bought the company for $3 Billion. There have been few others who have accomplished the same rate of success in the cruise industry.

 

While Mr. Sheehan achieved laudable results with NCL, FDR turned one cruise around and built another from scratch, achieving fabulous success. They are cut from the same cloth, and KS was on target when he said he was pleased to pass the baton of leading the combined companies to FDR.

 

 

And not only that, KS has stated MULTIPLE times that the per diem is too low, and NCL needs to move into the premium segment. FDR will help this.

 

 

Sent from my iPad using Forums

[Uniall]

After 8 years, Veitch departs NCL

 

Colin Veitch stepped down from the helm of NCL last week after eights years marked by bold innovation, risky decisions and plain old bad luck.

Veitch, who was replaced by Kevin Sheehan, NCL's current president and CFO, will assume an advisory role to NCL's board.

 

The beginning of the end of Veitch's career with NCL came early this year, when Apollo Management invested $1 billion in a 50% ownership of the cruise line.

 

Veitch stepped down from the NCL board in January, after Apollo and Star Cruises closed the deal. In June he resigned his position as executive director at Star Cruises, and in August, he handed his president title to Sheehan.

Known for his sharp tongue and quick wit, Veitch joked at the Seatrade convention in Miami earlier this year that Apollo's investment in NCL was like "a day-and-night, permanent colonoscopy without anesthetic, after which everything sounds like fun."

 

Veitch's legacy at NCL will be marked by the money-losing venture to bring U.S.-flagged cruising back to Hawaii, but NCL was already struggling when he was tapped by Star to revitalize the cruise line in 2000.

 

"People tend to forget that he was handed a somewhat dented and tarnished baton," said former cruise industry executive Rod McLeod. "Turning around something the size of NCL is not easy. He was caught in the middle of the land of two giants [Carnival Corp. and Royal Caribbean Cruises] and was bold and innovative, a strategic necessity.

 

"He did all the innovative moves that the big guys could easily watch and then copy them if they worked."

 

Veitch arrived at NCL from Princess Cruises, where he held a senior-level position. He was the architect of Freestyle Cruising, making NCL the first major line to do away with traditional two-seating dining and to install several alternative restaurants on its ships. The concept was adopted and modified by nearly every other line.

 

Under Veitch, NCL took on nine new cruise ships, in an ambitious fleet renewal program. The line became the first to homeport a ship in New York year-round, with a seven-day, New York-Bahamas itinerary. After 9/11, NCL introduced "homeland cruising," placing ships in homeports that included Houston, Baltimore, Honolulu and New Orleans.

 

Perhaps most famously, Veitch led the very controversial initiative to revive U.S.-flagged, large ship cruising by forming NCL America, a U.S.-crewed, interisland Hawaii cruise company, in 2004.

 

The program, born with the aid of government intervention, made NCL America the only cruise line allowed to operate interisland cruises on U.S.-flagged ships that had been built abroad.

 

At its peak, NCL America had three cruise ships, two specifically built for the brand, sailing the islands. But it didn't take long for the U.S. crew to earn itself a litany of complaints or for the endeavor to drag NCL's earnings into the red.

 

Earlier this year, NCL removed two of those ships from the Hawaii market; NCL America now operates one ship, the Pride of America.

 

Veitch's last innovation was NCL's next generation of cruise ships, the F3 class, which were designed without a Lido deck cafe or a main theater, and which feature curved "wave" cabins.

 

However, the future of the F3 class is currently in limbo. NCL has been involved in a public dispute with the ships' builder, STX France Cruise (formerly Aker Yards France), and rumors have surfaced that the order could either be cancelled or cut down to one ship. NCL executives have consistently declined to discuss the dispute.

 

Veitch endured some tragedy during his tenure, such as the boiler explosion on the Norway in May 2003, which killed eight crewmembers.

And he also suffered some bad luck. Few will forget the sinking of the Pride of America while it was still under construction in a German shipyard, less than six months before it was supposed to launch NCL America's Hawaii operations. Or the freakish, rogue wave that smashed into the Norwegian Dawn on its way to New York, knocking out cabin windows and causing minor injuries.

 

By Johanna Jainchill / November 17, 2008

 

http://www.travelweekly.com/Cruise-Travel/After-8-years-Veitch-departs-NCL

Edited January 21, 2015 by Uniall

[Uniall]

Del Rio expected to take helm of NCL parent without a hitch

 

Norwegian Cruise Line has a new hand at the helm, one that has long experience in the cruise industry.

 

Newly named CEO Frank Del Rio is described as entrepreneurial, financially savvy and in sync with his bosses at Apollo Global Management, which holds a controlling stake in Norwegian Cruise Line Holdings (NCLH), the line’s parent company.

 

The NCLH board named Del Rio president and CEO on Jan. 9 following the surprise resignation of Kevin Sheehan, who had been Norwegian’s top executive for seven years.

 

The handoff comes just two months after NCLH completed the $3.03 billion acquisition of Prestige Cruise Holdings, also Apollo-owned, of which Del Rio was CEO.

 

Del Rio takes over at a crucial time for Norwegian, which has been steadily improving its competitive position in the industry. It has a new ship due in nine months, with more coming. It must fit the two upscale Prestige lines, Oceania Cruises and Regent Seven Seas Cruises, into a company that has long focused solely on contemporary, or mass-market, cruising.

And it will fall to Del Rio to maintain the company’s momentum, exemplified by its string of 25 consecutive quarters of financial improvement.

Del Rio, 60, brings to the job a 35-year career in the travel business, starting in 1980 at Certified Vacations.

 

An accountant by training, he wound up as Certified’s vice president for sales and marketing before jumping to Renaissance Cruises in 1993 as CFO.

Those who know him say Del Rio’s financial skills are among his core strengths, along with a startup mentality, the kind of zeal typically associated with a small-business owner and a certain impatience for results.

“Frank is extremely entrepreneurial,” said Kunal Kamlani, who until recently served as president of Prestige.

 

“He tries to eradicate as much bureaucracy in any organization as he can,” Kamlani said. “He runs a flat, lean organization. As a result, decisions are made very, very quickly.”

 

Wall Street analysts voiced surprise at Sheehan’s departure but expressed faith in Del Rio’s skills.

 

In a note to investors, Wells Fargo cruise analyst Tim Conder called him a “very capable and experienced industry executive.”

 

Still, Sheehan’s resignation means that two top executives at Norwegian — Del Rio and Drew Madsen, president of the Norwegian Cruise Line brand — weren’t at the company three months ago.

 

Assia Georgieva, a principal at Infinity Research in Boca Raton, Fla., said that NCLH CFO Wendy Beck will provide some continuity at the top but that even so, abrupt management transitions could be unsettling.

“There is a risk when we have such major leadership changes — and unexpected ones,” Georgieva said. “But I think [Del Rio is] probably going to be able to handle the job well.”

 

She said Del Rio has a good relationship with the board members from Apollo, which should be a plus.

 

Georgieva said one unknown that might remain an open question for a while is whether Del Rio can bring the same level of passion for, and understanding of, the Norwegian brand and passenger base as he has demonstrated for the upscale lines at Prestige.

 

Del Rio founded Oceania in 2002 after leaving Renaissance and has been running Regent since 2008.

 

As one sign of his commitment, Del Rio and co-founder Bob Binder earlier this year published a book about the art that they had personally curated on Oceania’s Marina and Riviera vessels.

 

During his seven-year tenure, Sheehan was unequivocally enthusiastic about Norwegian.

 

He prided himself on making it edgier than other lines, introduced many new features on newbuild ships, the Breakaway and Getaway, and championed “Freestyle Cruising.”

 

The O’Sheehan’s Neighborhood Bar & Grill, a “Cheers”-style pub on many Norwegian ships, is named after him.

 

Kamlani predicted that Del Rio will have no trouble making the adjustment to embracing a “Norwegian” identity.

 

“The cruise business, regardless of what segment you’re in, at the end of the day is about the guest,” Kamlani said. “They have a management team that is guest-focused … it really doesn’t matter what segment of the industry you’re in.”

 

Another industry executive who knows both Sheehan and Del Rio said they share more similarities than differences.

 

Both started in finance and made the transition to operations, and both have come up with innovations that set their lines apart, the executive said, adding that both are “extremely smart and quick on their feet.”

 

Also, both came from scrappy backgrounds: Sheehan is an Irish son of New York’s Queens borough, while Del Rio’s family emigrated from Cuba when he was 7, with just a suitcase each for belongings.

 

“My sense is [Norwegian] will continue to thrive under Frank,” the executive said, “and I think the integration of Prestige into the company will probably go smoother than it might have under Kevin, since Frank knows the company from top to bottom.”

 

Analysts last week remained unsure about why Sheehan departed.

A Norwegian announcement merely stated that he had “decided to leave the company,” and Sheehan himself has offered no further details.

 

After the Prestige acquisition was announced in September, Sheehan stated in several interviews and conference calls that he had never been more excited to be in the job.

 

Conder, in his note to investors, said he had been led to believe in discussions with management that “Sheehan had something from a personal perspective that had changed in the last three months, leading to his decision to leave the company.”

 

Efforts to reach Sheehan for comment were unsuccessful, and Del Rio was unavailable last week.

 

By Tom Stieghorst / January 19, 2015

 

http://www.travelweekly.com/Cruise-Travel/Del-Rio-expected-to-take-helm-of-NCL-parent-without-a-hitch

[CPT Trips]

What more do I want?

For me, I want the the truth, the whole truth and nothing but the truth.

I want that disclosure because it affects the value of my stock or the value of a product that I spend 50K a year on.

 

But public protection requires even more. Full disclosure comes before knowledge of wrong doing. You don't seem to understand that American Law has evolved since tha 1890s. In America, "public corporations" can no longer cut deals to with others in secret cigar smoke filled back rooms to restrain trade, control prices, manipulate the stock market, deliver an unsafe or dangerous product, engage in a caveat emptor war with the consumer. They are held to a higher standard on all fronts: consumer protection, product safety, stock market manipulation, financial disclosure ad infinitum. They must act in the publics' interest not just their self interest. American Law does not allow for any absolutes. Everything in law is a balancing of this right against that right. Public disclosure of corporate actions and events are necessary to make sure the proper balance of rights is maintained.

 

Give the new guys in DC a year or two and they will have passed bills taking us back to the 1890s. :cool::p

[Uniall]

ooops

Edited January 21, 2015 by Uniall

[Uniall]

Give the new guys in DC a year or two and they will have passed bills taking us back to the 1890s. :cool::p

 

The 1890s Sherman Anti Trust Law was the beginning of a century long evolution of American Corporate Law from Laissez faire (leave them alone) to Pro Bono Publica (For the Public Good).

[Uniall]

Kevin,

 

Thank you for the many happy days and nights, at sea and on land, you proffered to my friends, family and me. But most of all, thank you for imbuing Norwegian Cruise Line with that special sense of Irish hospitality summed up in the adage: "There are no strangers, only friends we've not yet met."

 

During you career you earned universal respect for the many years you spent in the corporate "bhearna bhaoil" (Gaelic: "gap of danger") for the benefit of shareholders and guests, alike.

 

I hope and trust you and your family are in good health and enjoying the fruits of your labors for others. Perhaps, you are enjoying a pint or two at Aunty Lena's, Bill Chawkes, or Collins Pub and dinner at The Wild Geese Restaurant. Enjoy !

 

The next time, God willing, I attend the Listowel Races, I will look for you in the throng.

 

All the best,

 

John

 

The McNeal at msn dot com

[swedish weave]

Have YOU looked into Mr. Del Rio's background? Obviously not, as you are completely wrong.

 

Del Rio was a financial officer with Renaissance when they were losing money due to strange ideas from the owner. They did not pay commissions, and travel agents were against them. Del Rio was tapped as co-CEO to turn the company around (the other co-CEO was in charge of operations). He changed the travel agent policy and other reforms and brought the company to a point where it was profitable enough to attract buyers. The original owner sold the company in May, 2001. The new owners had their own fellow in line for CEO, and Frank and the other co-CEO were fired that May, months before the bankruptcy.

 

Then the 9/11 tragedy happened and essentially all travel stopped. The NEW owners of Renaissance, not FDR, took the company bankrupt, in September, 2001, two weeks after 9/11. By the time of the bankruptcy, FDR was no longer with the company.

 

All 8 of Renaissance's ships, R1 through R8, were repossesed and put in mothballs in Marseilles harbor. Because of his recognized success in making Renaissance profitable, in 2002 he was offered the opportunity to charter one or more on the "R" ships. He formed Oceania with a paltry $14 Million invested by friends and relatives and made the maiden voyage on July 5, 2003. He chartered two more of the "R" ships and in 4 years was successful enough to sell 70% of the company to Apollo for nearly $1 Billion.

 

Within 5 more years Marina and Riviera, considered to be two of the most beautiful cruise ships, were launched and a year later, on July 5, 2013, clebrated their 10th anniversary. Less than a year later, NCL bought the company for $3 Billion. There have been few others who have accomplished the same rate of success in the cruise industry.

 

While Mr. Sheehan achieved laudable results with NCL, FDR turned one cruise around and built another from scratch, achieving fabulous success. They are cut from the same cloth, and KS was on target when he said he was pleased to pass the baton of leading the combined companies to FDR.

 

I question your synopsis of Del Rio's history and management skills. Renaissance had been in financial trouble for quite some time before going bankrupt.

 

 

This is currently on Oceanias website. "Save up to 75% on Oceania Cruises!"

 

Would good management need to do this ?????????

Edited January 22, 2015 by swedish weave

[swedish weave]

This is an interesting series of articles from the Sun Sentinel that show some of the events that led up to the demise of Renaissance Cruise Line.

 

Note that much of this occurred while Del Rio was still employed by the line.

 

http://articles.sun-sentinel.com/keyword/renaissance-cruises

Edited January 22, 2015 by swedish weave

[Travelcat2]

At this point (10 years after the demise of Renaissance), who really cares what happened? If it is easier to blame Mr. Del Rio for that, go ahead. It does not lessen his accomplishments in any way.

 

In terms of Oceania's advertising (or Regent's for that matter), it has nothing whatsoever to do with NCL. They are not in competition with each other and their target audience could not be more different. Most importantly, Oceania and Regent will continue to be run as the successful companies they have been for years.

 

IMO, Regent and Oceania passengers do not know enough about NCL to comment on their past, present or future and the same goes for NCL passengers not having much knowledge of Regent and Oceania. Regent is not about to paint their ships to look like NCL ships and NCL is not going to suddenly turn their ships into ones with a more adult environment.

 

Isn't it better for customers of these three cruise lines to pay attention to what is (or is not) being done to improve them individually rather than wonder/worry about what the other cruise lines are doing?

[LHT28]

 

This is currently on Oceanias website. "Save up to 75% on Oceania Cruises!"

 

Do you have a link sounds like a steal ??

Or maybe just marketing

[trfccruiser]

I thought it was generally perceived that Kevin Sheehan had done a good job,reducing costs and increasing revenue which is what most shareholders want ,plus achieving a major overhaul of the fleet.What seem like sudden departures are very common, but sometimes they are also more planned than they seem,only a few people know the real reasons. I hope it isn't health related,I wish him well for whatever happens next,perhaps retirement??!

I heard him speak on the Getaway inaugral and I was in no doubt as to his passion to make NCL a success and serve its customers.

[Cruisercl]

IMHO NCL & Oceania are two totally different cruise products.

Oceania is a much smaller company too; we will have to see if Mr. Del Rio is able to be successful with a much larger and more complex company.

 

I have worked in corporate America and have seen situations like this drive companies into the ground. I do wish Mr. Del Rio the best but ask that he keep in mind the current NCL customer and why it is so successful as it is. :)

[swedish weave]

IMHO NCL & Oceania are two totally different cruise products.

Oceania is a much smaller company too; we will have to see if Mr. Del Rio is able to be successful with a much larger and more complex company.

 

I have worked in corporate America and have seen situations like this drive companies into the ground. I do wish Mr. Del Rio the best but ask that he keep in mind the current NCL customer and why it is so successful as it is. :)

 

The rapid expansion and massive debt can lead a company either direction.

[Uniall]

IMHO NCL & Oceania are two totally different cruise products.

Oceania is a much smaller company too; we will have to see if Mr. Del Rio is able to be successful with a much larger and more complex company.

 

I have worked in corporate America and have seen situations like this drive companies into the ground. I do wish Mr. Del Rio the best but ask that he keep in mind the current NCL customer and why it is so successful as it is. :)

 

The rapid expansion and massive debt can lead a company either direction.

 

 

We should just keep our fingers crossed and hope the back story is not a

"Canary Swallows the Cat".

 

If Regent & Oceania cruise lines were purchased by NCL so Regent and Oceania could gain access to NCL's piggy bank (Star Cruises/Apollo Management) it would not bode well for NCL, its stockholders or customers.

[Travelcat2]

We should just keep our fingers crossed and hope the back story is not a

"Canary Swallows the Cat".

 

If Regent & Oceania cruise lines were purchased by NCL so Regent and Oceania could gain access to NCL's piggy bank (Star Cruises/Apollo Management) it would not bode well for NCL, its stockholders or customers.

 

Regent and Oceania did not need NCL's "piggy bank" -- they were/are doing just fine -- all of their ships are in top shape and running full on most itineraries. Remember -- it was NCL that wanted Regent and Oceania - not the other way around.

 

I do understand the apprehension of some NCL passengers. It was only a month or so ago when Regent and Oceania passengers were wondering how in the world someone with a mainstream cruise background (Sheehan) could run a upscale cruise lines.

[Uniall]

Regent and Oceania did not need NCL's "piggy bank" -- they were/are doing just fine -- all of their ships are in top shape and running full on most itineraries. Remember -- it was NCL that wanted Regent and Oceania - not the other way around.

 

I do understand the apprehension of some NCL passengers. It was only a month or so ago when Regent and Oceania passengers were wondering how in the world someone with a mainstream cruise background (Sheehan) could run a upscale cruise lines.

 

You have a intriguing view of the situation. But, to be honest, I've always wondered what, if any, is the secret agenda of Star Cruises and Apollo managment.

 

I sincerely, hope you're correct.

 

As far as upscale is concerned, I had to laugh when I read an article on the huge 3700 sf suite on Regent's 7 Seas Explorer, now under construction.

 

I've been fortunate enough to have spent a combined month at sea in one of NCL's 7500sf Garden Villas. They make the 7 Seas Explorer biggie look like a Mini-Suite. LOL

 

John