He will be replaced by Norwegian Cruise Line (NCL) president and chief executive Harry Sommer on 30 June and David Herrera, chief consumer sales and marketing officer for NCL, will succeed Sommer from 1 April.
Del Rio will continue to serve in a consultant capacity as a senior advisor to the board through 2025.
He has led the company since 2015 and prior to that led Prestige Cruise International, which operated Oceania Cruises and Regent Seven Seas Cruises, from 2002 until its acquisition by Norwegian.
Del Rio founded Oceania Cruises in 2002 and during his tenure, led the company in welcoming eight new ships since 2015 and introducing NCLH’s second private island destination.
Sommer has more than 30 years of cruise industry experience across sales, marketing, revenue management, passenger services, itinerary development and international business development and operations.
In addition to his role as president and chief executive of NCL, Sommer expanded his responsibilities in recent months to include oversight for all of the company’s other revenue-generating functional areas, including Oceania Cruises, Regent Seven Seas Cruises and Onboard Revenue department.
"On behalf of the board and the entire organisation, I thank Frank for his invaluable contributions to this company and the cruise industry throughout the last 30 years," said Russell Galbut, chair of the board of directors of NCLH.
"Leading Norwegian Cruise Line Holdings has been one of the most rewarding experiences of my professional career," added Del Rio.
"My heartfelt gratitude goes out to our 39,000 team members around the globe whose innovation, tenacity and collaboration have strengthened this company and built the industry’s most passionate and loyal base of cruisers."
Sommer concluded: "I am incredibly humbled to succeed Frank as this iconic company’s next president and chief executive, and I’m grateful to have the unwavering support of him and the board to lead the company as we embark on the next chapter for our storied brands."
