The increase for the president and CEO of Norwegian Cruise Line Holdings came from an additional $10.27m for a prior contract payout, a $2.82m bonus and stock awards valued at $5.75m more than in 2019.
According to a company spokesperson, the annual run-rate pay for Del Rio was approximately $12.8m in 2020.
'As part of total compensation, he received modified prior year awards predominantly related to the US government’s decision to rescind travel to Cuba, business impacts from COVID-19 and one-time payments related to his previous and new extended employment agreement,' the spokesperson said. 'We believe these changes were in the best interests of the company and secured Mr. Del Rio’s continued invaluable expertise and critical industry relationships to drive our recovery from COVID-19. In responding to the pandemic, our management team took quick decisive action to reduce costs, conserve cash, raise capital and extend debt maturities and amortization, and remain focused on executing our roadmap to a healthy, safe relaunch.'
NCLH's 2020 adjusted net loss was $2.2bn, down from the $1.1bn profit in 2019. US GAAP net loss was $4bn versus 2019's $930.2m profit. Revenue decreased to $1.3bn from $6.5bn.
Del Rio's salary declined to $1.5m from $1.8m after the company's named executive officers took a temporary 20% pay cut beginning March 30.
The second mostly highly compensated named officer was Robin Lindsay, EVP vessel operations, with $6.85m. That was up from $3.99m in 2019, due to a more than $1m bonus and the higher value of stock awards.
Lindsay, Jason Montague, Harry Sommer and Mark Kempa each received the same salary: $594,044, down from $700,000.
Montague, president and CEO, Regent Seven Seas Cruises, received compensation of $6.36m, up from $4m the year before on a $578,001 bonus and the higher value of stock awards.
The compensation for Sommer, president and CEO, Norwegian Cruise Line, was $6.29m, compared to $4m in 2019. He received a $507,803 bonus and the value of his stock awards went up.
EVP and CFO Kempa's $5.79m compensation was up from $4m. The increase came from a $282,425 bonus and the higher value of stock awards.