The First Female CEO Of National Geographic-Lindblad Is Making Big Changes

Forbes

4 days ago

Natalya Leahy, CEO of Lindblad Expeditions Holdings, traveling in the Galapagos Islands, Ecuador.
In the cruise industry, there are corner office CEOs. And there are 'in the details' CEOs. Natalya Leahy, the new Chief Executive at National Geographic-Lindblad Expeditions, is squarely in the latter category. Whether she's running full-tilt with passengers trying to make it back to a ship on time, spontaneously ordering pistachio baklava from the best local bakery to be delivered in each cabin, or navigating zodiac boats around the Galapagos, she's not just running the business by the numbers—she's knee deep in the water with a work phone in her pocket, making sure excursions go the way she wants them to go.
Since she left her role as President of the luxury cruise company Seabourne, and officially took the helm at the publicly-traded Lindblad Expeditions Holdings in January, it's become abundantly clear: She's here, she's in charge and she wants to win.
'Our guest profile is an affluent person who is highly educated, looking for truly authentic experiences of the world in places that very few will ever go. We can really serve the needs of these guests, 360, with our portfolio of [six] brands. We haven't even scratched the surface to truly understand the scalability of that,' Leahy said in a recent interview.
The National Geographic Endurance in the Bourgeouis Fjord, Antarctica
Her entrance makes some people, who are life-long fans of (and investors in) Lindblad since Sven Lindblad founded the company in 1979, a bit nervous. Among generations of travelers, he's earned trust as an environmental steward and pioneer of tourist expeditions. Sven's father, Lars-Eric Lindblad, brought private citizens to Antarctica for the first time in history more than five decades ago.
Today, the company is a global operation, with a fleet of 23 owned and chartered medium-size ships (ranging from 28 to 148 passengers) that it operates in destinations like the South Pacific, the Galapagos islands, and the Mediterranean. But it's still best known for its navigation know-how in Antarctica, largely because it employs and retains remarkable people like the 'Ice Master' Leif Skog, VP of Marine Operations, who is one in about ten people in the world who have mastered both arctic navigation and mission-built ship design. If you're navigating the Drake passage, he's who you want at the helm.
Captain Leif Skog on the bridge of the ship National Geographic Endeavour with guests
It's also benefiting from a new co-branding deal with National Geographic (owned by Walt Disney Co.) that was inked before Leahy came onboard. The agreement grants Lindblad Expeditions global rights to the National Geographic brand for expedition cruises until at least 2040. Upon the announcement, Sven Lindblad said: 'We will be demonstrating the power of this new co-brand and improved name recognition, which will be vitally important as we expand our footprint in key growth markets around the world.' It's a pretty big deal, because it means Lindblad can leverage Disney's powerful sales channels and joint marketing campaigns to its advantage—which it needs.
The company faces intense competition from operators like HX (formerly Hurtigruten Expeditions), andBeyond, Silversea Expeditions, Seabourne Expeditions, Aurora Expeditions, Antarctica21, and even new luxury cruise lines like Explora Journeys. Though Explora's ships are not ice-class vessels nor are they equipped with Zodiacs for landings in polar regions, demand for what they do means they can still steal market share. Because the term 'expedition' is not protected IP. 'We have competitors that carry 500 people and call it an expedition. This is bollocks,' says Lindblad's Captain Oliver Kruess, claiming that a true expedition ship hosts less than 200 passengers.
Regardless, the race to dominate the fastest-growing segment in the $8 billion cruise industry is on. And while most operators cannot afford to build brand-new ships, they're getting ever-more creative with the ships they've got. Cruise analysts say companies that can balance luxury, adventure, and sustainability are likely to see the strongest growth.
Guests explore waterfalls by Zodiac in Gothul Bay, South Georgia.
Lindblad's expeditions are conducted in partnership with National Geographic's team of 'naturalists'—environmental scientists, historians, photographers and cultural experts—who bring their expertise onboard, joining the standing crew of captains, engineers, technicians, kitchen and cleaning staff who keep things running like a luxury hotel-at-sea. The deep scientific knowledge these people bring to programming, in the way of daily lectures and in-the-field lessons, makes the experience of sailing with Lindblad practically incomparable to what the uninitiated might think of as a 'cruise.'
Sure, there are tour buses and the odd fanny pack, depending on the day's excursions. But these expeditions trade on the notion that you're going much further into remote destinations and delving deeper into the natural world than you could ever hope to reach on a sightseeing pleasure cruise. In spirit, it's much more lean-forward than laid back. And the clientele, many of whom are tenured University Professors, military veterans, ex-Navy seals, or otherwise adventurous retirees with means, mirrors that fact.
'They're all geeks! They're all nerds,' joked Maggie Godbold and Steven Bershader, a retired couple in their 70s who sailed on Lindblad's recent Endurance voyage to the Azores islands. They're avid travelers; the kind who would book a flight to witness a solar eclipse. 'I'm not interested in gambling or shopping,' said Godbold. 'That's not why I'm here. I don't consider this a cruise ship. This is an exhibition ship. We've done so many Lindblad trips, we've lost count.' (The company is known for having a high rate of repeat guests).
Basically, if you want to not just understand but physically feel the impact of climate change on oceanography (the Azores sail featured 15-foot swells), taste the mineral content of a volcanic hot spring (did you know iron rich water can turn tea purple?), or learn about the chemical composition of lichens, the sound production of sperm whales, the mating habits of Emperor penguins, or the art of telephoto lens photography — you've come to the right place!
Natalya Leahy, Chief Executive Officer, traveling in Galapagos Islands, Ecuador.
While there have been female CEOs in the broader industry, such as Christine Duffy at Carnival Cruise Line and Lisa Lutoff-Perlo at Celebrity Cruises, Natalya Leahy's appointment marks the first time a woman has led Lindblad Expeditions.
Her career arc is a tale of grit, determination and perseverance. She grew up in Soviet Uzbekistan, studied finance at University, and at 17, talked her way into her first gig working in a two-person finance department at the Meridian Hotel in Termez. She then went on to work for the procurement department for Coca Cola, served as United Nations Country Manager for Uzbekistan and eventually earned her MBA from Michigan State. She entered the cruise industry with Holland America Group, where she served as Chief Operations Officer and Chief Financial Officer for about eight years. Then the 'big break' came. As President of the luxury cruise operator Seabourne, when I first met her, she was orchestrating a nearly 40% increase in women ship officers in a classically male-dominated field. She is, after all, a mother of two daughters.
Importantly, she has the backing of Sven Lindblad himself, who clearly hired her for her financial experience and publicly demonstrates his support for her in this video filmed in the Galapagos islands. What they don't mention in the video is the difficult financial picture Leahy is inheriting, while Sven still serves as Co-Chair of the Board.
Per its first quarter 2025 financial statements, Lindblad has more debt than equity. So, Leahy must either lower debt or increase equity. Typically, you increase equity by generating profits and either use those profits to grow the business or pay down the debt. Shareholders often demand a combination of both, which is easier said than done. Though Lindblad's revenues have rebounded from COVID lows of $147 million in 2021 to about $670 million in 2025, given their very high cost base, they have not turned a profit in five years.
As CEO, Leahy needs to get this company to a position of profitability. The good news is its day-to-day business is generating more cash than it did last year. And they have $235.2 million in cash as a liquidity buffer.
There are other signs that she's headed in the right direction.
As any CEO knows, success can very much depend on the team you assemble. To that end, Leahy made a key hire by tapping the young Harvard MBA grad, CFO Rick Goldberg, who will help Leahy expand their portfolio of ship and land-based expeditions internationally. For example, Leahy claims they're already working on expanding their footprint in Australia.
Meanwhile, the company just announced the launch of European river expeditions, beginning April 2026. Two new eight-day itineraries involve sailing along the Rhine from ports in Amsterdam to Brussels and Cologne to Basel, all aboard the 120-guest Connect (constructed in 2025). The company has never offered river expeditions in Europe before, but chartering the latest in modern river ship design seems like a smart move.
Expanding access to private charters is another lever to pull, as hard as they can. 'Our private charters program is going to be a huge strategic focus area. Because we have a very unique set of ships that are much smaller, more intimate, and perfect for private groups and corporate events. The smallest ship we just launched a month ago is a 16 passenger yacht, and she's sailing in the Galapagos. That's the perfect ship for a private family event, right?' adds Leahy. 'So we really are driving resources to grow the charter program.'
The notion of 'family' cannot be glossed over here. Lindblad must attract younger guests, and become known for 'multi-generational travel' in order to thrive long term. Hence, programs like the Nat Geo Explorers-in-Training for kids, and lower pricing for shoulder and off-season sails. Which is now an industry-wide norm.
But, there's something else up her sleeve that she refused to divulge, because it isn't yet a done deal. I first got an inkling of what's-to-come from the Ice Master Leif Skog in April, who—without revealing the details—says he's working on planning new destinations and itineraries for Lindblad that would require serious maritime gymnastics to pull off.
Leahy confirmed this, at least in intention: 'This company's collaboration between ship experts, expedition experts and deployment experts is phenomenal… I had a dream for a while that no other company could really do. That's where Captain Leif is heavily involved, because we have the right vessels. If we are able to do it right, it will be a very different bucket list experience.'
Different, meaning unprecedented. So says the girl from Uzbekistan who at 17 decided not to accept a receptionist position, and instead forged her own path in finance. In our first sit-down interview last year, she recalled her pivotal moment:
'It was my first year in University, and I desperately needed a job. I came to the [Meridian] hotel, and said: Who is your head of finance? I must have sounded so confident, the way you sound before you know what's appropriate… I knocked on his door, and he said: Do we have an appointment? I said no, but I am looking for a job in your finance department. What kind of finance experience do you have? I don't have any experience, but I started studying finance in this great, prestigious University. And he said: Go downstairs, we have a lot of openings in reception or in food and beverage. I was super scared because I really needed this job, but I told him: "I will never be your best receptionist, but I will be the best finance person you ever hired.'
And she wasn't content to stop there.