ELLIOTT Investment Management, one of the biggest shareholders in Norwegian Cruise Line Holdings, said on Monday the cruise operator needs new directors after it reported lower profit and a disappointing outlook for 2026.
Last month, the hedge fund, which manages $80 billion in assets, disclosed a 10-percent stake in the company.
The activist investor said in a statement that the cruise line needed new board members to “restore accountability, strengthen oversight and rebuild investor confidence.”
Elliott previously criticized the board’s selection of management over the last decade, including the recent appointment of its new CEO, John Chidsey.
It doubled down on its criticism after Norwegian Cruise missed quarterly revenue estimates earlier Monday and warned of profit pressures this year from rising fuel costs due to geopolitical uncertainties. Norwegian also said some execution missteps had contributed to weaker bookings.
“Commentary on today’s earnings call reinforced a troubling pattern of execution lapses and strategic missteps across the business that have been years in the making,” Elliott said.
Norwegian Cruise Line Holdings did not respond to a Reuters request for comment.
The company has lagged its peers in recent times, and its shares dropped 13 percent in 2025, compared with a rise of about 20 percent at rivals Royal Caribbean and Carnival.
Three of Norwegian’s eight directors are scheduled to stand for election this year. Elliott has several days to submit its own candidates if it wants to pursue a proxy fight.
Elliott was seeking new, independent directors on Norwegian’s board, with relevant industry and operational expertise, and had approached former Royal Caribbean president and operating chief Adam Goldstein as a potential board nominee, Reuters reported in February, citing sources familiar with the matter.
Last year, Elliott ran a bitter fight at Phillips 66 where it won two board seats and in 2024 reached a settlement at Southwest Airlines after a prolonged public battle. The firm also often reaches agreements in private where its preferred candidates join the board. Last week, food maker J.M. Smucker added two directors after discussions with the firm.
