Pacific Beachcomber / Paul Gauguin Transition

Pacific Beachcomber, owner of Paul Gauguin Cruises since acquiring the luxury cruise line in August, today announced the completion of the company’s post‐acquisition management transition. Effective immediately, Richard H. Bailey will serve as Chairman, President & CEO of Paul Gauguin Cruises.

“We are ready as the new owners of Paul Gauguin Cruises to assume our full role in managing the company from this point forward,” said Richard H. Bailey, managing director of Pacific Beachcomber. “It was terrific of David to agree to continue in his role for several weeks following the acquisition of Paul Gauguin Cruises by Pacific Beachcomber. He has been invaluable in both the ownership and operational transition.”

“More importantly, David’s accomplishments over the past year in defining and launching the Paul Gauguin Cruises brand, leading the team, establishing and expanding valuable relationships in the travel community contributed greatly to Paul Gauguin Cruises being an attractive business opportunity for Pacific Beachcomber to pursue,” added Bailey. “We hope to continue to draw on his talents in the future.”

Giersdorf added “I was honored when the prior owners approached me in late 2008 and asked that Giersdorf Group assist them in establishing a stand‐alone company and brand to prepare for continued operations of the m/s Paul Gauguin following the completion of the Regent Seven Seas Cruises vessel management agreement at the end of 2009. That resulted in my stepping into the role of ‘Acting President & CEO’ of the new company, Paul Gauguin Cruises, for an initial period of six months earlier this year. In the course of our work, the potential acquisition of Paul Gauguin Cruises by Pacific Beachcomber emerged, and my involvement was extended through the closing of that transaction to ensure a smooth transition,”

“The many fine professionals who make up the Paul Gauguin Cruises team have made the past year of teamwork most enjoyable and productive. They share a total commitment to the travel agent community and to continuing to deliver the award‐winning service and quality for which the Paul Gauguin is so well regarded,” added Giersdorf. “Our combined efforts in developing and bringing the 2010 product to market; implementing a comprehensive marketing, sales and reservations platform for the company; and helping achieve an 2009 occupancy rate above 95% are significant accomplishments that we’re all very proud of.”

Giersdorf continued, “I am pleased that the new owners are now fully prepared to put a longterm management structure in place. Given the demands of Giersdorf Group, it has not been possible for me to be a full‐time resource, but I will, of course, continue to be available to support the Paul Gauguin Cruises team.”

In 2010, the m/s Paul Gauguin will offer discerning guests a choice of 38 extraordinary itineraries ranging from 7 to 15 nights, including visits to such exquisite destinations as Tahiti, the Society Islands, Tuamotus, the Cook Islands, Marquesas, Tonga, Fiji and New Zealand –spectacular cruises that cater to travelers seeking a legendary cruise and destination experience. Reservations for 2010 are now open.

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