Activist Investor Reveals 10% Stake in Norwegian Cruise Line, Seeks Turnaround

Elliott Investment Management plans to launch a turnaround effort at the struggling cruise operator.

Published on Feb. 18, 2026

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Activist investor Elliott Investment Management has revealed a more than 10% stake in Norwegian Cruise Line and plans to launch a turnaround effort at the struggling ship operator. Elliott accused Norwegian's board of failing to fulfill its responsibilities, including selecting the right leadership, and proposed changes to the board and a review of current executive leadership and a new business plan.

Why it matters

Norwegian Cruise Line has lagged behind its major rivals like Royal Caribbean and Carnival in recent years, even as consumer demand has rebounded after the pandemic. Elliott, a prominent activist investor, believes it can execute a successful turnaround and sees a path for the stock to reach $56 per share, a 159% increase from current levels.

The details

Elliott said Norwegian has fallen from being a 'best-in-class cruise operator' at the time of its IPO to an 'industry laggard' due to 'inconsistent strategy, weak execution, inaccurate guidance and poor cost discipline.' The activist investor is looking to nominate new independent directors to Norwegian's board, including Adam Goldstein, the former president and COO of Royal Caribbean. Along with board changes, Elliott has proposed a review of Norwegian's current executive leadership and a new business plan.

  • On February 17, 2026, Elliott Investment Management revealed it has built up a more than 10% stake in Norwegian Cruise Line.
  • Last week, Norwegian Cruise Line announced that its CEO Harry Sommer was stepping down and appointed John Chidsey, the former CEO of Subway, to take the reins.

The players

Elliott Investment Management

An activist investor with more than $79 billion in assets under management that has led turnaround campaigns at other companies like Southwest Airlines and Phillips 66.

Norwegian Cruise Line

The world's fourth-largest cruise operator by number of passengers, worth roughly $10 billion, that has lagged behind its major rivals in recent years.

Adam Goldstein

The former president and chief operating officer of Royal Caribbean, whom Elliott is looking to nominate to Norwegian's board.

John Chidsey

The former CEO of Subway restaurants who was recently appointed as the new CEO of Norwegian Cruise Line.

Harry Sommer

The former CEO of Norwegian Cruise Line who stepped down last week.

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What they’re saying

“Over the past decade, 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.”

— Elliott Investment Management

“With the right strategy and strong execution, we see a clear path for the stock to reach $56 per share, or 159% higher than current levels.”

— 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.”

— Norwegian Cruise Line Holdings, Spokesperson (The Post)

“What might confuse investors is Norwegian is being run by someone with zero ties to the cruise industry.”

— Stifel Analysts

What’s next

The deadline for shareholders to nominate board candidates ends next month, ahead of Norwegian's annual meeting. Elliott is looking to nominate new independent directors, including the former Royal Caribbean executive Adam Goldstein, to Norwegian's board.

The takeaway

This activist campaign highlights the challenges Norwegian Cruise Line has faced in recent years, falling behind its competitors despite the rebound in consumer demand. Elliott's involvement signals an opportunity for significant changes at the company, from its leadership to its overall business strategy, as it seeks to engineer a turnaround and unlock greater shareholder value.