At Royal Caribbean's board of directors meeting today, they named its first lead director, William L. Kimsey. Kimsey is the former chief executive officer of Ernst & Young Global, Ltd., has served on the board since 2003 and is Chairman of the company's Audit Committee.
As lead director, he will be the liaison between the board's non-management members and Royal Caribbean Chairman Richard Fain. He will preside at meetings of the non-management directors, will advise and approve the content and scheduling of board meetings and discussions, and will be available for discussion with major shareholders.
The board of directors also adopted changes to its bylaws as a result of which candidates elected to the board will serve one-year terms, and will stand for re-election annually thereafter, effective with the slate of directors to be elected at the company's 2014 annual meeting. This implements a proposal adopted by shareholders at the company's May 2013 annual meeting.
