by Sarah Kuta
Last updated: 1:50 PM ET, Wed February 18, 2026
A major investor in Norwegian Cruise Line Holdings is calling for change at the cruise company.
The leaders of Elliott Investment Management—an activist investor that now holds a more than 10 percent stake in the company—argue that NCLH has "substantial untapped potential.” They publicly shared a February 17 letter and presentation they sent to NCLH’s board of directors, calling for a new business plan and a change to the board.
“The company has fallen from a best-in-class cruise operator at the time of its initial public offering to a clear industry laggard, suffering from inconsistent strategy, weak execution, inaccurate guidance and poor cost discipline,” wrote partner John Pike and portfolio manager Bobby Xu in the letter.
Their letter comes on the heels of Harry Sommer’s February 12 departure as chairman and chief executive officer of NCLH, with long-time board member John Chidsey being appointed to replace him.
Meanwhile, the company recently announced that it had ordered three new-build ships from Fincantieri—one each for Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. They are slated for delivery in 2036 and 2037.
In a statement, an NCLH spokesperson said the letter represents the first time the company has heard from Elliott Investment Management.
“Our board of directors and management team regularly engage with our shareholders to hear their views on our strategy and progress, and we appreciate their perspectives,” according to the statement. “We are committed to delivering durable, long-term value creation, which will be led by our recently appointed CEO, John Chidsey. We look forward to sharing additional information on our earnings call on March 2.”
In the summer of 2024, Elliott Investment Management similarly pressured Southwest Airlines to make changes, which led to the airline restructuring its board.
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