'Double-Double' achieved, RCL chief Fain's compensation rises to $13.4m

Richard Fain, right, with Michael Bayley at Symphony of the Seas' Barcelona introduction earlier this month Richard Fain, right, with Michael Bayley at Symphony of the Seas' Barcelona introduction earlier this month (Photo: Anne Kalosh)

Compensation for Royal Caribbean Cruises Ltd.'s five named officers increased significantly in 2017 when the company achieved its 'Double-Double' targets, posting a record profit and exceeding its adjusted earnings per share goal by 75 cents and return on invested capital in excess of 10%.

Chairman and CEO Richard Fain's compensation rose to a total of $13.4m, up from $10.4m in 2016. This included a salary of $1.1m, stock awards valued at $7.6m and $4.3m in non-equity incentive compensation. $155,000 in other compensation included an auto lease, life insurance, a retirement plan and benefit payouts.

Michael Bayley second most highly compensated

For the first time, the company's second most highly compensated executive was Michael Bayley, president and CEO of Royal Caribbean International, with a package worth nearly $8.2m, up from $3.9m. One-time stock awards valued at $2.8m comprised a big part of the increase.

Bayley's salary rose to $792,000 from $696,000, on-cycle stock awards were worth $2.8m, and he received non-equity incentive compensation of $1.5m. Other compensation was $135,000.

CFO Jason Liberty also rises

CFO Jason Liberty's compensation also rose sharply, and was valued at $6.9m, up from $2.6m. One-time stock awards valued at $2.8m were a big part of the increase.

Liberty's salary went up to $692,000, a $100,000 increase, stock awards were higher, valued at $1.7m and his non-equity incentive compensation nearly doubled, to $1.5m, while other compensation was $126,000.

Adam Goldstein's raise

Adam Goldstein, president and chief operating officer, who is transitioning to vice chairman next month, received compensation valued at $6.7m, up from $4m. A good chunk of the increase was nearly $1.9m in one-time stock awards.

Goldstein's salary was $848,000. On-cycle stock awards were valued at nearly $1.9m and non-equity incentive compensation topped $1.9m. Other compensation was $119,000.

Hike for Lisa Lutoff-Perlo

Compensation for Lisa Lutoff-Perlo, president and CEO of Celebrity Cruises, rose to $5.3m, up from $2.3m in 2016, when she became a named officer of the company for the first time. One-time stock awards accounted for nearly $1.9m.

Lutoff-Perlo's salary was slightly higher, $596,000, on-cycle stock awards were valued at nearly $1.6m and her non-equity incentive compensation topped $1m. She also received $124,000 in other compensation.

Posted 23 April 2018

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Anne Kalosh

Editor, Seatrade Cruise News & Senior Associate Editor Seatrade Cruise Review