Norwegian Cruise Line rang the opening bell at the New York Stock Exchange in celebration of the fifth anniversary of its IPO. Frank Del Rio, President & CEO of Norwegian Cruise Line, was with us to share which milestones stand out to him the most.
Del Rio highlights the consistent growth in the company. One milestone that he is most proud of is Norwegian’s acquisition of Prestige Holdings, which he founded. Revenue for the company jumped 11% since last year and doubled since the IPO. He says Norwegian is a story of organic growth and he sees it continuing.
China has been a tough market to crack for many U.S. companies, but not for Norwegian. Del Rio says the company found success by thinking about what the Chinse consumer wants. He says they love to shop for luxury brands, so the company built the ship with 60% more retail space. Additionally, Norwegian capitalized on gaming by putting 3 casinos on board. On top of that, he says Chinese consumers aren't big sunbathers, so the company deemphasized the pool deck.
Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
About 780,000 pressure washers sold at retailers like Home Depot are being recalled across the U.S. and Canada, due to a projectile hazard that has resulted in fractures and other injuries among some consumers.
