Carey Olsen Bermuda advised activist investor Elliott Investment Management on its successful effort to shake up the board of Norwegian Cruise Line Holdings.

The world's third-largest ‌cruise operator, which is domiciled in Bermuda, added five new independent directors, as four legacy directors resigned.

The board overhaul came at the end of March in response to pressure from Elliott, which demanded changes after a period of poor performance by the company.

John Chidsey, Norwegian’s chief executive, who has been credited with previously turning around sandwich chain Subway and was appointed to the lead the cruise line in February, was given the additional title of chairman of the board.

The Carey Olsen Bermuda team advising Elliott on the Bermuda law aspects of the overhaul was led by partner Alexander Collis, senior counsel Michael Frith, and senior associate Matthew Summers.

Mr Collis said: “Carey Olsen's contribution to Elliott's successful engagement with NCLH demonstrates our role as a trusted adviser to activist shareholders in these types of highly complex cross-border matters, underpinned by the close collaboration between Carey Olsen's Bermuda litigation and corporate teams.

“The public interest in Elliott's engagement with NCLH, which was reported on internationally, has also shone a light on Bermuda's prominent and growing role in the international shipping industry.”

Elliott, which has around $80 billion in assets, is well known as a busy activist investor. In February, it unveiled its stake of more than 10 per cent stake in Norwegian and called for change, highlighting poor operating and stock performance, arguing that Norwegian “now operates near the bottom of the peer set”.

The new directors who came in included Alex Cruz, a former chief executive of British Airways, who became ​lead independent director. Kevin Lansberry, former Disney Experiences chief financial officer, Steve Pagliuca, a former managing partner of private equity giant ​Bain Capital, Brian MacDonald, president of integrated software provider CDK Global and Jonathan Cohen, founder and chief executive of investment firm Hepco Capital Management, ‌also joined the board on March 31.

The four longstanding directors who left the board included Stella David, who had been the chairwoman.

Norwegian, whose shares trade on the Nasdaq, has a market capitalisation of around $9.6 billion. Over the past five years, its stock price has declined nearly 28 per cent, while over the same period larger rival Royal Caribbean Cruises has gained about 229 per cent.