CFO Wendy Beck is leaving Norwegian Cruise Line Holdings

Wendy Beck will continue as EVP and CFO through Sept. 30, or any earlier date decided by the company, and will provide consulting services for two years after the succession date Wendy Beck will continue as EVP and CFO through Sept. 30, or any earlier date decided by the company, and will provide consulting services for two years after the succession date

Norwegian Cruise Line Holdings CFO Wendy Beck, who was instrumental in launching the company's initial public offering and the acquisition and integration of Prestige Cruises International, is leaving to pursue other opportunities.

Beck joined the company in 2010 and was a key figure in its successful 2013 IPO. She also was key to the acquisition and integration of Prestige Cruises' Oceania Cruises and Regent Seven Seas Cruises in 2014.

According to a filing, Beck has agreed to continue in her current position as EVP and CFO through Sept. 30, or any earlier date determined by the company.

Under a transition agreement, provided Beck does not voluntarily terminate her employment before the succession date, she will be entitled to receive an amount equal to two times her base salary, paid over a 12-month period, plus $4m, paid in quarterly installments through 2019. Other benefits include full acceleration of her outstanding time-based equity awards, the continued opportunity to vest in her outstanding performance-based equity award, a pro-rata portion of any bonus earned based on 2018 performance and an executive-level cruise.

Under the transition agreement, Beck has agreed to provide consulting services to NCLH for two years following the succession date. She will receive $2m, paid in quarterly installments through 2019, for her consulting services.

According to a Wells Fargo Securities note, the NCLH board has engaged executive search firm Spencer Stuart as well as evaluating internal candidates.

Wells Fargo analyst Tim Conder said the company mentioned that, as part of succession planning, potential CFO candidates are also being considered as a possible long-term successor to president and CEO Frank Del Rio, when Del Rio retires.

'Our view is that if Del Rio will be retiring over the next two years, the board should look for a CEO candidate who could fill the CFO position in the two-year interim, then fill the CFO's position on a long-term basis,' Conder said. 'If Del Rio will be staying on longer than two years, then it would seem more plausible to pursue a permanent CFO candidate as part of the search.'

Conder added the brokerage does not consider the CFO transition as overly disruptive or concerning and continues to view NCLH fundamentals as 'very solid.'

Posted 05 February 2018

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Anne Kalosh

Editor, Seatrade Cruise News & Senior Associate Editor Seatrade Cruise Review