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Fain forgoes salary, other RCL executives take pay cuts

Richard Fain.jpg
Richard Fain is giving up his $1.1m base salary
Royal Caribbean Chairman and CEO Richard Fain agreed to give up his base salary — $1.1m in recent years — and other senior executives are taking pay cuts.

They are Jason Liberty, EVP/CFO; Michael Bayley, president and CEO, Royal Caribbean International, and Lisa Lutoff-Perlo, president and CEO, Celebrity Cruises, who each elected to a 25% salary cut through Sept. 30.

These reductions were made in light of the negative financial and operational impacts resulting from the COVID-19 pandemic.

Directors' retainers reduced

As well, the RCL board of directors is giving up all cash retainers and fees payable for board and committee service, effective from today through Sept. 30.

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