MS Deutschland Beteiligungsgesellschaft, paret company of the luxury cruise shipping company Peter Deilmann Rederei, says its chairman has decided to vacate his position after the company is about to fail to meet its turnover growth and new customer targets, MS deutschland said in a statement.

Deilmann, which operates the 22,496 gross ton Deutschland, will fail to meet its turnover growth target by 6% in the current financial year. In addition, the company has not succeeded in acquiring new customers as had been planned.

As a consequence of this, Christopher Nolde, chairman of MS Deutschland, has decided to leave the company. The management will continue efforts to restructure the business with the help of Callista Private Equity, the company’s owner, with all options to restructure the business open.