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Fain forgoes salary, other RCL executives take pay cuts

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.

Anne Kalosh, Editor, Seatrade Cruise News & Senior Associate Editor, Seatrade Cruise Review

April 1, 2020

1 Min Read
Credit: Seatrade Cruise News

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.

About the Author

Anne Kalosh

Editor, Seatrade Cruise News & Senior Associate Editor, Seatrade Cruise Review

Anne Kalosh covers global stories, reporting both breaking and in-depth news on cruising's significant people, places, ships and trends. A sought-after expert on cruising, she has moderated conferences around the world, including the high-profile State of the Industry panel at Seatrade Cruise Global. She created and led the acclaimed itinerary-planning case study for Seatrade's cruise master classes held at Cambridge and Oxford universities. She has been the cruise columnist for AFAR.com, and her freelance stories have appeared in a wide range of publications, from The New York Times to The Miami Herald.

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