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New Norwegian Cruise Line chief will have $750K base salary

New Norwegian Cruise Line chief will have $750K base salary
As the newly appointed president and chief operating officer of Norwegian Cruise Line, Drew Madsen will receive a $750,000 base salary. Starting in 2015, he will be eligible for an annual bonus with a target amount equal to 75% of his base salary.

Madsen has a one-year employment contract that will renew automatically for additional one-year terms unless he or Norwegian gives notice.

Other compensation outlined in a filing on Tuesday include eligibility for the award of options to purchase 150,000 NCLH ordinary shares. These option grants will have an ordinary 10-year term and will vest in four equal annual installments. Madsen also will be eligible to receive equity awards consistent with other senior executives.

Madsen, 58, was president and COO of Darden Restaurants from November 2004 through September 2013. Prior to that he served as president of Olive Garden from March 2002 through until November 2004 and as the company's evp marketing from December 1998 through March 2002.

From 1997 until 1998, he was president of International Master Publishers, a company that developed and marketed consumer information products such as magazines and compact discs. From 1993 until 1997, Madsen held various positions at James River Corp., now part of Koch Industries, including vp and gm for the Dixie consumer products unit, now part of Georgia-Pacific.

He held various marketing positions with consumer foods products giant General Mills from 1980 to 1992.