Wendy Beck to Leave NCLH

Wendy Beck

Wendy Beck, executive vice president and CFO of Norwegian Cruise Line Holdings (NCLH), is leaving the company to pursue other career opportunities, according to a prepared statement from NCLH.

Beck joined the company in 2010 and was a key part of a 2013 IPO and the company's acquisition and integration of Prestige Cruises International and the Oceania Cruises and Regent Seven Seas Cruises brands in 2014.

In connection with her departure, Beck has agreed to continue in her current position through September 30, 2018 or any earlier date as may be determined by NCLH, according to the statement.

On February 2 a subsidiary of NCLH entered into a transition, release and consulting agreement Beck.

Pursuant to the terms of agreement, according to Norwegian, subject to Beck not voluntarily terminating her employment prior to the succession date, following the date, Beck will be entitled to receive the following benefits: an amount equal to two times her base salary, which will be paid over a 12-month period; in recognition of her service and tenure, an amount equal to $4 million, paid in quarterly installments through December 30, 2019; continued COBRA benefits at the same cost as active employees for up to 36 months; full acceleration of her outstanding time-based equity awards;  continued opportunity to vest in her only outstanding performance-based equity award, subject to the satisfaction of the applicable financial performance conditions for 2018; and apro-rata portion of any bonus actually earned based on performance for 2018, and finally, an executive-level cruise.

Beck has agreed to provide consulting services to the company for two years following the succession date to help with the transition and integrate her successor.

Beck will receive $2 million, paid in six equal quarterly installments through December 30, 2019, for her consulting services.

 

 

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