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RCL CEO Fain's 2019 compensation topped $14m

CRUISE Richard Fain.jpg
Richard Fain's 2019 compensation was worth $14.36m, up from $12.42m in 2018
Royal Caribbean Chairman and CEO Richard Fain's 2019 compensation was worth $14.36m, up from $12.42m the year before.

2019 was a year of record US GAAP and adjusted EPS of $8.95 and $9.54, increases of 4.6% and 7.7% respectively, despite the unfavorable impact from currency.

Pre-coronavirus impact

In a proxy ahead of RCL's annual meeting set for May 28, the company noted its 2019 compensation payments were made before the COVID-19 pandemic and said the impacts of this will be considered in evaluating 2020 performance in early 2021. Meanwhile, some executives are taking pay cuts.

Fain's 2019 salary of $1,276,923 was up from $1.1m in 2018 and the value of stock awards rose to nearly $8.7m from $7.66m, and his $4m cash bonus was up from $3.5m. 'Other compensation' of $187,545 included an auto lease, life insurance, a retirement savings plan and further benefits.

Michael Bayley

For the third year in a row, Michael Bayley, president and CEO, Royal Caribbean International, was the second most highly compensated named officer. His 2019 package was valued at $7.06m, up from $5.72m in 2018.

Bayley's salary increased to $941,923 from $870,769, and stock awards were worth $4.06m, up from $3.09m. Bayley's cash bonus was $1.8m, up from $1.58m, and 'other compensation' was $140,711.

Jason Liberty

EVP and CFO Jason Liberty's compensation totaled $5.42m, up from $4.75m. His salary rose to $866,346 from 788,462. Stock awards were valued at $2.62m, up from $2.14m, and his cash bonus was $1.73m, up from $1.69m. 'Other compensation' was $113,674.

Lisa Lutoff-Perlo

The total compensation for Lisa Lutoff-Perlo, president and CEO, Celebrity Cruises, was $4.43m, up from $3.84m. Lutoff-Perlo's salary went to $770,769 from $688,462, and stock awards were worth nearly $2.28m, up from $1.79m. Her cash bonus of nearly $1.1m compared to almost $1.23m the year before. 'Other compensation' was $142,114.

Harri Kulovaara

Harri Kulovaara, corporate EVP maritime, received total compensation valued at $3.42m, down from $3.84m in 2018 when he received a one-time stock award of $ 934,236. His salary was $761,923, up from $692,308, stock awards were worth $1.14m, up from $893,480 and 'other compensation' was $102,335. For the second year in a row, Kulovaara received a discretionary bonus of $450,000 in recognition of his efforts for the company's newbuild program.

Thomas Pritzker is leaving the board

In other news, longtime director Thomas Pritzker, executive chairman of the Hyatt Hotels Corp., is not standing for re-election to the RCL board and his term will expire effective with the date of the annual meeting. Pritzker currently chairs the nominating and corporate governance committee

With this, the board will go to 11 members.

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