Royal Caribbean executives take pay cut as coronavirus impact on cruise industry deepens
According to paperwork filed with the SEC, Royal Caribbean's top executives are taking a pay cut while the cruise industry deals with the COVID-19 pandemic.
Royal Caribbean Cruises Ltd. Chairman and CEO Richard Fain has volunteered to not take a salary through the end of September, while Royal Caribeban International CEO Michael Bayley took a 25% pay cut.
Other executives taking a 25% pay cut include CFO Jason Liberty, and Lisa Lutoff-Perlo, CEO of Celebrity Cruises.
Effective as of April 1, 2020, Richard Fain, the Chairman and Chief Executive Officer of the Company, agreed to forego payment of his base salary and Jason Liberty, Executive Vice President, Chief Financial Officer, Michael Bayley, President and CEO, Royal Caribbean International and Lisa Lutoff-Perlo, President and CEO, Celebrity Cruises, each elected to reduce their respective base salaries by 25%, in each case, through September 30, 2020. These reductions were made in light of the COVID-19 pandemic and the negative financial and operational impacts resulting therefrom.
In light of the COVID-19 pandemic and the negative financial and operational impacts resulting therefrom, the Board of Directors approved to forego all cash retainers and fees payable for Board and committee service, effective from April 1, 2020 through September 30, 2020.
COVID-19 has completely disrupted the cruise industry, with Royal Caribbean in the midst of cancelling all sailings through at least mid-May.