Executive compensation was up after a strong 2017 at Carnival Corporation according to a Friday morning filing with the U.S. Securities and Exchange Commission.
Arnold Donald, president and CEO, took home $13 million for his performance in leading the company to a record year, up from $9.9 million in 2016, including salary, stock awards, non-equity and other compensation.
Compensation Table:
“Our compensation philosophy has historically been to emphasize at risk incentive pay in order to drive a pay-for-performance culture,” Carnival wrote in the filing.
Other executives listed included CFO David Bernstein, who was paid $4.5 million, up from $4 million the year prior.
Stein Kruse, Group CEO at Holland America Group and Carnival UK, took home $5.8 million, compared to $4.7 million in 2016.
Michael Thamm, CEO of Costa Group and Carnival Asia, was paid $4.3 million, up from $3.5 million in 2016.
Of note, Carnival also mentioned use of its private and chartered aircraft in the filing.
“The Aircraft can only be used for business purposes. Guests may accompany these executives when traveling,” Carnival said. “The Compensation Committees have also agreed to allow Mr. Donald to use the Aircraft for personal use so long as the incremental cost to Carnival Corporation & plc does not exceed $200,000 per year. Once that threshold is reached, Mr. Donald will reimburse us for those.”
Carnival noted Donald’s employment is subject to renewal annually on October 14 of each year.
All Other Compensation Table:
