Viking Transitions Management as Torstein Hagen Becomes Executive Chairman
Viking Holdings, a cruise company that has grown to be a leader in the premium market for river, ocean, and exploration voyages, announced its management succession that sees founder and well-known CEO Torstein Hagen transition to the role of Executive Chairman. He will be succeeded by long-time financial executive Leah Talactac as President and Chief Executive Officer as the company continues on a strong growth path.
The company reported strong financial results today, driven by improved net yields, a strong booking position for 2026, and solid advance bookings into 2027. It reported total revenues exceeding $1 billion for the first quarter, an increase of 17.5 percent, and gross margins increased 21 percent. As of the beginning of May, the cruise line, which now numbers a total of more than 100 ships, reports it is 92 percent sold for 2026 and 38 percent sold for 2027.
Management said that 2026 was off to a strong start and that the company is positioned “very well” for the remainder of the year. They noted that there is a seasonality to the river business, which is primarily operating between April and October, while its ocean and expedition operations are year-round.
“We believe retirement of Torstein Hagen as CEO was eventually going to happen, so the change comes as not too much as a surprise, and believe investors will find senior leadership in the capable hands of Leah Talactac,” wrote financial analyst C. Patrich Scholes of Truist Securities in a note after the financial report.
Hagan has emerged as the “face” and voice of Viking, starring in the company’s television advertising, emphasizing the brand position as experiential travel for curious adult travelers. He has been fond of calling Viking a “thinking man’s” experience.
Hagen, after having been a partner at McKinsey & Company, had developed a strong background in the shipping industry as Chief Executive of Bergen Line (1976 to 1983), Chief Executive of Royal Viking Line (1981-1984), a leader in luxury cruising at the time, and with board positions at Holland America Line and Kloster Cruise, the then parent company of Norwegian Cruise Line and Royal Viking Line.
Viking was incorporated in August 1997 by Hagen when he and a partner acquired four Russian riverboats, because he had been intrigued by river cruising after personal experiences. At the time, while having a long heritage, river cruising was primarily in Europe and a small niche business. Viking, along with a few other companies, would drive river cruising into one of the fastest-growing segments of the cruise industry.
Hagen expanded the company, becoming the first to offer both river cruises and ocean cruising when they launched Viking Star in 2015. One of the elements of the company’s strategy has been the use of a standardized ship design. Hagen helped to develop the signature Viking Longship, a revolutionary design for river cruising that increased usable space by 20 percent and introduced an asymmetrical corridor that accommodates cabins with balconies and two-room suites. More recently, Viking has expanded with two dedicated expedition cruise ships.
“This leadership transition reflects the strength and depth of Viking’s management team and the succession planning we have built over many years,” said Hagen. “Leah’s appointment as CEO is a natural next step, and the Board and I have full confidence in her ability to lead Viking with the same continuity, discipline, and vision that have guided us since Viking was founded.”
Talactac joined Viking in 2006, holding several senior financial positions before becoming Chief Financial Officer and working alongside Hagen during the company’s initial public offering in 2024. She was elevated to the role of President and CFO in January 2025 and will continue to lead the company’s executive committee in her new role.
Torstein Hagen will focus on the long-term strategy for the company. He will also support Talactac in her role as CEO.
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The transition comes as the company continues forward with its newbuild strategy. Viking recently took delivery of a new river cruise ship, reacquired the Viking Yidun, which was operating in China in a JV with China Merchants, and reports it expects to take delivery of two ocean ships and nine river vessels during the remainder of 2026. The company said in March that, based on its committed orderbook, it expects to take delivery of 22 additional river ships by 2028, 10 additional ocean ships by 2031, and two additional expedition ships by 2031. With these orders, Viking will have 112 river ships in 2028 and 25 ocean and expedition ships in 2031.
Torstein Hagen and Viking were the subject of a cover story in The Maritime Executive in 2018 as the company marked its twentieth anniversary. The edition is available online.