Thrown in at the deep end, new to IR and the sector she’d joined, Jessica John of Norwegian Cruise Line Holdings embarked on her IR career as the pandemic struck. Garnet Roach hears how she went from newcomer to leading multiple disciplines at the firm, as well as winning the rising star trophy at the IR Magazine Awards – US 2022
‘I had never even been on a cruise at that point!’ says Jessica John, thinking back to the immense impact of Covid-19, which struck just three months into her new IR role at Norwegian Cruise Line Holdings (NCLH). Putting that impact into perspective, she says: ‘The entire cruise industry was shut down, with zero operations and no end in sight. We were in a unique situation, even compared with other hard-hit travel, leisure and hospitality companies.’
A former sell-side analyst, John had covered a range of industries, from insurance and medical technology to metals and mining, but travel was new to her. She was not only coming in as a new name in investor relations, but was new to the industry, too.
Just a short time later and John finds herself head of investor relations, corporate communications and ESG, having helped work through multiple deals to secure much-needed capital, including what she describes as ‘an historic quad-tranche transaction’ that saw the firm raise $2.4 bn in a single day in May 2020 as an insurance policy against a potential further 18 months without revenue.
John worked heavily on NCLH’s first ever ESG report, in response to investor demand, and the IR team was also involved in many other aspects of the pandemic response, including health and safety protocols, creating an advocacy platform, co-ordinating media campaigns and more.
The entire cruise industry was shut down, with zero operations and no end in sight
In the trenches So how did she go from new-to-IR to where she is today? She credits being ‘in the trenches’ with former head of IR Andrea DeMarco as a big help. ‘I was able to learn from her and ramp up [my knowledge] on the company and the industry as fast as possible,’ John says.
Her time on the sell side also helped cement her place as a voice for the investment community within NCLH.
‘There were a lot of differing opinions within our management team on how to move forward given the unprecedented uncertainty,’ she explains. ‘None of us were used to being in a situation like this where we had very little control and no idea what was coming our way next.
‘Given my background on the sell side, I was a huge advocate for providing as much transparency as possible. I knew firsthand how important it was to the investment community to be up to date with the latest and best information we had. Investors would understand that we did not have all the answers in this type of environment and would appreciate that we were willing to be open and honest and provide what we could.
‘I also knew investors and analysts were juggling rapidly evolving information for dozens of companies at a time, so we tried to make sure our materials were as simple, clear and informative as possible.’
In fact, John says the crisis itself was like a fast-forward on her IR career. ‘As challenging as the onset of the pandemic was on both a professional and personal level, I believe it prepared me to step into the head of IR, corporate communications and ESG role sooner than I would have otherwise,’ she says. ‘As it was all hands on deck, I was able to contribute right away, have my voice heard and gain the trust of our management team.’
NCLH was a runner-up for best crisis management at the IR Magazine Awards – US 2021 and this year John took home the trophy for rising star, an award clearly deserved given her rapid rise within the company.
Sitting on the corporate side, you realize how much thought, effort and manpower goes into [earnings]
The future focus Despite joining the firm in a purely IR role, John’s remit quickly expanded and ESG has been a key focus. She points out that both the quantity and quality of ESG questions investors are asking have increased significantly over the past few years.
‘Almost all the investors we talk to now are interested in ESG topics and many either already have or are currently developing sophisticated processes for integrating ESG into their investment process,’ she says, with the most common questions concerning climate action and the firm’s efforts in greenhouse gas emissions reduction.
John explains that although the company was doing good things on ESG, investors pointed out that it wasn’t necessarily doing the best job of reporting these efforts. As a result of that investor feedback, NCLH ‘overhauled’ its sustainability program, and John took the lead on the firm’s first ‘comprehensive’ ESG report, published in 2021 and including its first SASB index. Speaking in April, she adds that the firm is also in the process of completing a climate risk analysis, aligned with the TCFD framework.
For John, ESG is set to be ‘one of the biggest challenges for IR professionals over the next few years’, as companies work out how to integrate ESG reporting and disclosure and how to effectively communicate their ESG strategies to different stakeholders. ‘ESG topics are far-reaching and often very technical as well so one of the big challenges is figuring out how to simplify and prioritize the most important areas for investors,’ she explains.
Outside of ESG, the big trend for post-pandemic IR at NCLH is retail. ‘Like many other companies, NCLH has seen a significant increase in retail ownership,’ says John. ‘Figuring out the best and most productive way to engage with this new set of investors, especially with limited resources, is one of the biggest challenges we face currently and we are actively working on creating a strategy for it.’
Exceeding expectations So after her crash course in IR, what does John make of the profession today? ‘Coming from the sell side, I worked with IR at our covered companies on a regular basis so I had a pretty good idea of what the job would entail – or so I thought,’ she says, adding that once she was actually in the IR seat, she saw how much more there really was to the role.
Take earnings for example: ‘From the sell side it can often feel like a rinse-and-repeat exercise every quarter but now, sitting on the corporate side, you realize how much thought, effort and manpower goes into it.’
John also points to what attracted her to IR in the first place, when she says she was looking for a ‘deeper understanding of how companies work on the inside, rather than being on the outside looking in as an observer.’
As an IR professional, ‘you get to interact with so many different parts of the company and you have a front row seat for both the high-level strategic aspects of the company and the actual day-to-day operations. IR has not only lived up to my expectations so far – it has far exceeded them.’
Quick-fire questions with Jessica John, head of IR, corporate communications and ESG at Norwegian Cruise Line Holdings
I have a really good understanding of how analysts and investors think and what would be most helpful for them. Also, I covered a variety of very different industries on the sell side; seeing how so many different companies and industries worked gave me a unique perspective and exposed me to a wide range of best practices.
Responsive, transparent, visible.
Always be flexible and ready to adapt: when circumstances change, be ready to evolve with them. Be proactive and take a leadership stance when possible – don’t wait for things to resolve on their own. Don’t be afraid to say ‘I don’t know’ or ‘I’ll get back to you’.
Real estate – I love home improvement and renovation projects and like to think I belong on [home improvement channel] HGTV!
