Value of stock awards, options lifted Del Rio's 2015 compensation to $32m

Frank Del Rio's salary was over $1.8m Frank Del Rio's salary was over $1.8m

Norwegian Cruise Line Holdings chief executive Frank Del Rio received compensation valued at $31.9m in 2015, elevated by nearly $17.8m in stock options and $10.3m in stock awards. His cash income was about $4m including a salary of over $1.8m, and a bonus of $1.9m, according to a proxy.

Other compensation of $140,651 included a cash automobile allowance, tax preparation service and a country club membership, among other items.

NCLH named officers in 2015 also included Kevin Sheehan, who resigned on Jan. 8, the day Del Rio took over the president and ceo roles. Sheehan's total compensation was more than $3.6m, including almost $3.3m in severance.

The next highest compensated executives were Jason Montague, president and chief operating officer, Oceania Cruises and Regent Seven Seas Cruises, at just under $3.4m, and Andy Stuart, president and chief operating officer, Norwegian Cruise Line, at $3.3m.

Montague's salary was $650,00, and he received stock options valued at nearly $2.2m. Stuart's salary was $628,000, and his options were worth $2m.

NCLH evp and cfo Wendy Beck's compensation totaled almost $2.2m. Her salary was $625,000 and options were valued at a little over $1m.

Montague, Stuart and Beck also received cash bonuses of about half a million dollars each.

Compensation for Bob Binder, vice chairman, Oceania Cruises and Regent, totaled almost $1.8m, including a salary of $891,000 and a consulting-related bonus of nearly $758,000.

Posted 07 April 2016

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Anne Kalosh

US editor of Seatrade Cruise Review and Seatrade Cruise News