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Former Norwegian ceo Sheehan's compensation was $17m in 2014

Meyer Werft
Kevin Sheehan - compensation included $3.3m bonus for completing Prestige Cruises acquisition and option awards valued at $8.3m
Former Norwegian Cruise Line Holdings president and ceo Kevin Sheehan's 2014 compensation totaled $17m, according to a preliminary proxy.

Sheehan resigned Jan. 8, less than two months after completing the $3bn deal to acquire Prestige Cruises.

Sheehan's salary was $1.6m, and he was awarded a bonus of nearly $3.3m related to the Prestige acquisition. His option awards were valued at $8.3m, and Sheehan received other compensation of $3.9m including a $27,000 cash automobile allowance, $893,400 toward the company's supplemental executive retirement plan and payments related to the conversion of NCLC units.

NCLH's other named executives are Frank Del Rio, who succeeded Sheehan; evp and cfo Wendy Beck, Norwegian Cruise Line president and chief operating officer Andy Stuart, and his predecessor, Drew Madsen, who held the job for five months, from October 2014 to early March 2015.

Del Rio's 2014 compensation totaled $2.1m, including his salary of about $202,000 and a $1.9m annual bonus that was established by Prestige prior to the NCLH acquisition. Del Rio is expected to enter into a new employment agreement with the company this year.

Beck's compensation was just under $2.3m, including her salary of about $543,000, a $548,000 bonus for the Prestige acquisition, option awards valued at nearly $632,500 and other compensation of $546,000.

Stuart, who served as evp sales throughout 2014, received total compensation of just over $1.8m, including a $515,000 salary, a bonus of about $260,000 related to the Prestige acquisition, option awards valued at $633,500 and other compensation of just under $423,000.

Madsen's compensation was $3.1m, the bulk of that—$2.8m—the value of option awards. Reflecting the commencement of his employment in October, he received $130,000 of his $750,000 salary.

NCLH scheduled its annual shareholders meeting for May 20 in Miami.

Four directors on the 11-member board are up for re-election. They are Adam Aron, Kevin Crowe, F. Robert Salerno and Walter Revell. Revell became chairman in March.

The proxy also showed that T. Rowe Price has surpassed TPG Viking Funds as NCLH's third largest shareholder. T. Rowe Price now owns a 6.4% stake, compared to TPG's 4.3%. The single largest shareholder, Apollo, holds a 23.8% stake, while Genting Hong Kong has 22%.