Residential developer Galbut appointed Norwegian Cruise Line chairman

Norwegian Cruise Line Holdings has appointed Russell Galbut, an independent director of the board, as chairman of the company.

The decision was announced earlier during the annual general meeting of the organisation.

Galbut currently serves as the managing principal of Crescent Heights, a residential condominium developer.

He has been active in the urban mixed-use real estate sector for over 31 years.

Crescent Heights has been active in over 15 markets from coast-to-coast and has developed over 50,000 residential units, including pioneering the condo hotel concept.

In addition, the shareholders of the company have elected retired United States Coast Guard rear admiral Mary Landry as a new independent director.

Galbut succeeds Walter Revell, who stepped down from Norwegian’s board after serving as chairman for the past three years and on the board for over two decades.

“On behalf of the board and the entire team at Norwegian, I would like to extend our sincere appreciation to Walter for his dedicated service, sage advice, and invaluable contribution as chairman of the board,” said Frank Del Rio, president and chief executive officer of Norwegian Cruise Line Holdings.

“We look forward to Russell serving as the next chairman of the board.

“His experience and extensive knowledge of the hospitality industry, along with his significant contributions to the Board made him the ideal candidate for the role,” continued Del Rio.

Landry succeeds Revell as an independent member of the board.

With the election of Landry, Norwegian’s board consists of ten members, seven of whom are independent.

Landry will also serve as a member of the company’s nominating and governance Committee.

“Mary’s significant experience in maritime operations, various leadership roles within the United States Coast Guard and risk management expertise made her a perfect candidate for the board, and we are confident that her leadership will have a meaningful impact on Norwegian’s future growth,” said Galbut.

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