Norwegian Cruise Line (NCL) said two board members who represent its key private-equity shareholders have resigned.

The move reduces Apollo Global Management’s role on the New York-listed cruiseship owner’s board and marks TPG Capital’s complete exit.

Both firms were major shareholders before NCL’s initial public offering (IPO) in 2013 and have since reduced their holding.

NCL said the resignations included Karl Peterson, a senior partner at TPG and managing partner of its European division.

Also quitting the board is Kevin Crowe, who is a partner in the private equity division of US-based Apollo.

Their seats will be eliminated.

Oversaw acquisitions

"During Karl and Kevin's tenure on Norwegian Cruise Line Holdings' board of directors, the company achieved several key milestones, including the launch of its most innovative new ships and the successful acquisition and integration of the Prestige Cruise Holdings brands into the NCLH portfolio,” said chairman Walter Revell.

Despite Crowe’s departure, Apollo will continue to have a strong presence on the cruiseship company’s board.

Apollo Asia-Pacific chief Steve Martinez and David Abrams, the head of its non-performing loans division, remain on the nine-member body.

Basketball associate

Also on NCL’s board is Adam Aron, the owner of the basketball team Philadelphia 76ers. Though he does not work for Apollo, he has close ties.

The former NCL chief executive facilitated Apollo’s acquisition of 50% of the company in 2007 as well as its takeover of Regent Seven Seas and Oceania Cruises. All three cruise lines are now under the same umbrella.

Apollo owns 15.8% of NCL, while TPG holds 2.4%.