Adam Goldstein, former president and CEO of Royal Caribbean International, confirmed he is working with Elliott Investment Management on its campaign to change Norwegian Cruise Line Holdings’ board of directors.
In an opinion piece published in Fortune on Feb. 19, Goldstein explained his involvement with Elliott and his views on Norwegian’s performance.
“Elliott is pushing for new directors to help restore Norwegian to its rightful place as an industry leader, and since I am working with them to that end, I would like to share my views on the opportunity at Norwegian and why I would be excited to be part of its next chapter,” Goldstein wrote in Fortune.
The commentary follows Norwegian’s announcement changes to enhance the company’s performance.
Goldstein served in executive roles at Royal Caribbean Cruises Ltd. from 1988 to 2020, including as president and CEO of Royal Caribbean International.
Wall Street Journal reported earlier this week that he may be in play for a board seat as soon at NCLH.
According to the Fortune piece, Goldstein argued that Norwegian possesses industry-leading assets, but its financial performance has fallen behind peers.
“Norwegian possesses industry-leading assets, leading the industry in investment-per-berth and featuring a premium cabin mix and compelling onboard amenities. But Norwegian’s financial performance has fallen behind that of its peers,” Goldstein wrote.
He added that if the performance gap persists, Norwegian will not be able to keep pace with the investments competitors are making in upscale experiences.
Goldstein emphasized in the Fortune commentary that if appointed to the board, he would serve all of Norwegian’s shareholders, cruisers and travel agent partners, not any single investor.
“From my experience leading a global cruise company, I have learned that durable improvement comes from disciplined execution – aligning decisions with what guests value most, investing where differentiation matters and holding the organization accountable for consistent delivery,” Goldstein wrote in Fortune.
The full commentary is available online at Fortune