NCL Board Dumped, Lund Appointed

Star Cruises and Carnival Corp. tightened their grip on Norwegian cruise group NCL Holding during February by ousting the board and appointing Norwegian lawyer Ole Lund as the new chairman.

Lund, who is also chairman of state oil firm Statoil, will head a new six-member NCL board. Star and Carnival control about two thirds of NCL stock under a joint 35 crowns per share offer valuing NCL stock at about $1.1 billion. In addition the two will assume NCL debts of about $800 million.

The new board, voted in by an extraordinary shareholders' meeting in Oslo, comprises Lund, Star chairman Lim Kok Thay; Star chief executive, Colin Au; Fook Yew; Colin Veiteh; British lawyer Peter Brooks; and Norwegian lawyer, Rolf Johan Ringdal.

Star, the world's fifth largest cruise operator, wants Veitch, a former senior vice president of Princess Cruises, to be chief executive of NCL, which is fourth largest.

lawyer president cruise control executive chairman offer senior meeting member operator norwegian carnival