Deer, who joined the line in 1993, will take over from Mike Rodwell later this month.

Rodwell will retire on 31 August after more than 30 years with the company.

Deer joined Fred Olsen as an accountant and progressed to chief accountant before leaving the business to join a fruit shipping business.

He returned to the line in 2004 as commercial director. A search for his replacement is under way.

“We have a first-class team, both ashore and afloat, dedicated to providing fabulous holidays, and I am proud to be leading the Fred Olsen journey,” said Deer.

“The UK cruise market will continue to grow as many more people try ‘taster’ cruises and realise cruising offers a diverse range of experiences.

“Fred Olsen’s friendly, intimate ships are all about delivering memorable holidays and getting to know our customers by name.”

Deer will take overall responsibility for the line’s operations and its five ships, as well as 220 staff in Ipswich and 2,000 crew members.

Rodwell added: “During his long career with Fred Olsen, Peter has been involved in most aspects of the business, and has made a significant contribution to our operation and product development, helping us to grow our fleet to our current five ships, spanning both ocean and river cruise markets.

“We are certain Peter will do a great job as managing director, and we know our industry partners will consider him a very worthy choice for this important role.”