Seatrade Cruise News is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Del Rio's contract goes through 2018 with $1.75m base salary

Frank Del Rio - eligible for an annual bonus with a target amount equal to 100% of his base salary
Prestige Cruises' Frank Del Rio has an employment agreement to continue as ceo until Dec. 31, 2018, with a base salary of $1.75m, subject to annual 5% increases beginning in calendar 2015.

Prestige Cruises, now part of Norwegian Cruise Line Holdings, is the parent of Oceania Cruises and Regent Seven Seas Cruises.

According to a filing, beginning with the 2014 calendar year, Del Rio is eligible for an annual bonus with a target amount equal to 100% of his base salary.

He also is eligible to participate in Norwegian’s medical executive reimbursement plan, will get a $2,000 monthly car allowance, 40 days of vacation per year and certain annual fringe and tax preparation benefits valued at approximately $80,000 per year.

Del Rio, 60, co-founded Oceania Cruises in October 2002 and since then has served as its ceo and chairman, subsequently filling the same duties after Prestige was created following Oceania and Apollo Management's joint acquisition of Regent Seven Seas.

In September, when Norwegian announced plans for the Prestige acquisition, it was stated that Del Rio would keep his role and is committed to staying at least through 2015. Norwegian Cruise Holdings president and ceo Kevin Sheehan has repeatedly stated he hopes Del Rio's involvement will continue beyond that.