Royal Caribbean Cruises’ leadership was paid well in 2017 as the second biggest cruise operator in the world logged a spectacular year of earnings performance.
That performance was reflected in the paychecks to top management according to a required SEC filing the company made on Monday afternoon. The company describes its compensation packages as “pay-for-performance.”
Richard Fain, chairman and CEO, took home total compensation of $13.3 million, up nearly 30 percent from 2016.
Michael Bayley, president and CEO of the Royal Caribbean International brand, made $8.2 million, up from $3.9 a year prior.
Jason T. Liberty, CFO, made $6.9 million, up from $2.6 million last year; while COO and President Adam Goldstein saw compensation of $6.7 million, up from $4.1 million in 2016.
At Celebrity Cruises, President and CEO Lisa Lutoff-Perlo made $5.3 million, well up from $2.3 million in 2016.
Of note, in January, Royal Caribbean announced a bonus for all of its 66,000 employees based on the company’s strong financial performance.
In addition, the filing said: “Our Talent and Compensation Committee felt it appropriate to take more aggressive steps to position compensation for these leaders closer to market in terms of target pay opportunity. The Talent and Compensation Committee thus approved compensation adjustments for Mr. Liberty, Mr. Bayley and Ms. Lutoff-Perlo, increasing their total target compensation for 2018 by 24%, 10% and 16%, respectively, as compared to 2017 total target compensation. These adjustments are intended to help maintain stability among our leaders and continue to enhance their focus on long-term company performance and results.”