NCL Corp. shook up its executive suite, naming its president and chief financial officer, Kevin Sheehan, to replace Colin Veitch as chief executive officer.

The move underscores that Apollo Management, the New York-based private equity giant, is consolidating its grip over the Miami-based parent of Norwegian Cruise Line. In January, Apollo Management acquired a 50-percent stake in NCL and control of the board from Star Cruises of Kuala Lumpur, Malaysia, which still owns 50 percent.

Sheehan, 55, who also will continue as president and chief financial officer at the Miami-based cruise operator, was a consultant to Apollo Management in the past. He joined NCL in November 2007 as its chief financial officer and added the post of president in August 2008. He was previously chairman and CEO of Cendant Corp.'s vehicle services division, overseeing several companies, including Avis and Budget car rental firms.

Meanwhile, NCL, buoyed by favorable exchange rates and lower interest rates, reported a third-quarter profit of $171.2 million, compared with a year-earlier loss of $8.6 million. Third-quarter revenue inched up 1 percent to $639 million from $632.5 million a year ago.

NCL also named Andy Stuart, 45, as executive vice president, global sales and passenger services. Stuart, a 20-year veteran of the company, had previously overseen those areas, but during the past six months, he worked as executive vice president and chief product officer, taking on responsibility for upgrading the cruise line's ''freestyle cruising'' product, which emphasizes flexible dining and entertainment options. NCL has pursued the concept of ''freestyle cruising'' as it battles to carve out a niche in the shadows of two industry giants that have far greater financial and marketing resources, Carnival Corp. and Royal Caribbean Cruises.

''We have the youngest fleet in the industry. We have a differentiated product and we're going to continue on this course with new management off the back of a profitable quarter,'' Stuart said in a telephone interview.

Veitch couldn't be reached for comment about his departure.

In a statement, NCL said he ``will be transitioning his responsibilities and assume a new advisory role to the board.''

His departure was widely expected among cruise industry officials.

Veitch joined NCL as chief executive in 2000 after Star Cruises edged out Carnival Corp. in a battle to acquire the cruise operator. He spearheaded the company's move into freestyle cruising and oversaw an ambitious fleet modernization program.

He also led NCL on a loss-riddled venture into inter-island Hawaii cruises using U.S. crews and U.S.-flagged ships.

Since Apollo has come into the picture, the cruise line has withdrawn two of the three ships it operated in the Hawaiian market and redeployed them internationally.

In a statement, Sheehan said: ``We are extremely pleased with the revenue performance achieved in the [third] quarter and the significant improvement in our profitability. Our Hawaii operation is now profitable, the growth of our international fleet has had a very positive impact.''

Asked Friday where matters stand in a contract dispute with Aker Yards shipyard in Nazaire, France, NCL officials declined to comment.

The parties disagree over the cost of construction of the first of two F3 ships, which will carry up to 4,200 passengers each.

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