RCL chief Fain's 2018 compensation was $12.4m

The RCL chairman and CEO's salary ($1.1m) and stock awards ($7.6m) held steady from 2017 to 2018 The RCL chairman and CEO's salary ($1.1m) and stock awards ($7.6m) held steady from 2017 to 2018

Royal Caribbean Chairman and CEO Richard Fain's 2018 compensation was worth $12.4m, down from $13.4m the year before when the company achieved its multi-year 'Double-Double' targets.

2018 was a year of record US GAAP and adjusted EPS of $8.56 and $8.86 respectively and the ninth consecutive year of yield improvement on a constant-currency basis.

Fain's salary ($1.1m) and stock awards ($7.6m) held steady, while his $3.5m cash bonus was lower than the $4.3m in 2017. 'Other compensation' of $158,000 included an auto lease, life insurance, a retirement savings plan and further benefits.

Michael Bayley

For the second year in a row, Michael Bayley, president and CEO, Royal Caribbean International, was the second most highly compensated named officer. His 2018 package was valued at $5.7m, down from $8.2m in 2017, when he received a one-time stock award of $2.8m.

Bayley's salary increased to $871,000 from $792,000, and stock awards were worth nearly $3.1m, up from $2.8m. Bayley's cash bonus was nearly $1.6m, up from $1.5m, and 'other compensation' was $187,400.

Jason Liberty

EVP and CFO Jason Liberty's compensation totaled nearly $4.8m, compared to $6.9m the year before when he, too, received a one-time stock award of $2.8m.

Liberty's salary rose to $788,500 from $692,300. Stock awards were valued at $2.1m, up from $1.7m, and his cash bonus was nearly $1.7m, up from $1.5m. 'Other compensation' was $141,000.

Lisa Lutoff-Perlo

The total compensation for Lisa Lutoff-Perlo, president and CEO, Celebrity Cruises, was $3.8m, compared to $5.3m in 2017 when she received a one-time stock award valued at nearly $1.9m.

Lutoff-Perlo's salary went up to $688,500 from $596,200, and stock awards were worth nearly $1.8m, up from under $1.6m. Her cash bonus of $1.2m compared to $1m the year before. 'Other compensation' was $136,500.

Harri Kulovaara

Harri Kulovaara, corporate EVP maritime, received total compensation valued at $3.8m. He was not a named officer in 2017, a year when then President/COO Adam Goldstein was among the five.

Kulovaara's salary was $692,300, stock awards were worth $893,500 and he received a one-time stock award of just over $934,000 and a cash bonus of $765,000. 'Other compensation' was $109,300.

A discretionary bonus of $450,000 went to Kulovaara in recognition of his efforts for the company's newbuild program. Ships delivered in 2018 included Symphony of the Seas, Celebrity Edge and Mein Schiff I. (Azamara Pursuit also joined the fleet following an extensive refurbishment and Mariner of the Seas underwent $120m in work.)

Posted 18 April 2019

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Anne Kalosh

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