Elliott Investment Management, which manages funds that together hold a greater than 10% economic interest in Norwegian Cruise Line Holdings, today sent a presentation and letter to the company’s Board of Directors pushing for big changes at the company.

The materials described Norwegian’s “strategic and execution missteps during a time of strong demand in the cruise industry, which have led to profound undervaluation and substantial untapped potential,” the company said in its letter.

Elliott’s materials detailed the case for change, including a decade of “strategic misjudgments and poor execution, meaningful financial and stock-price underperformance and a long-term erosion of investor confidence. ”

In the materials, Elliott argued that the Board of Directors has failed to fulfill its fundamental responsibilities, including its most important obligation. to select the right leadership.

Elliott criticized the Board for appointing successive CEOs who have each “destroyed significant shareholder value and said the recent abrupt appointment of a long-tenured Board member with no cruise-industry executive experience continues this troubling pattern of poor judgment and insufficient process.”

Elliott’s materials outlined a clear path for Norwegian to improve its financial performance, restore credibility with investors and materially boost its shareholder value. Elliott called for comprehensive Board change, including the addition of new, truly independent directors with relevant industry and operational expertise.

Elliott further called on the new Board to ensure that the right executive leadership is in place to execute an ambitious turnaround.

Finally, Elliott noted that the company must develop and implement a new business plan that achieves the best-in-class performance that Norwegian shareholders deserve. Elliott believes these actions create a clear path for the stock to reach $56 per share, or 159% higher than current levels.

“Norwegian benefits from a rare combination of secular tailwinds, high-quality assets and untapped opportunity,” Elliott wrote in its letter. “Realizing this potential, however, requires meaningful change.”

Elliott expressed its desire to reach a constructive resolution with Norwegian, while noting that it is prepared to take its case directly to shareholders at the company’s upcoming annual meeting.