Following an impressive financial performance in 2018 at Royal Caribbean Cruises, Richard Fain, chairman and CEO, saw total compensation of $12.4 million, down slightly from $13.3 million in 2017, according to a SEC filing.

According to the filing the company wants to “establish a mix of compensation components, including fixed and variable pay and short- and long-term incentives, that encourages focus on both the short- and long-term interests of the company and its shareholders.”

US GAAP Net Income was $1.8 billion for the full year 2018, or $8.56 per share and Adjusted Net Income was $1.9 billion or $8.86 per share in 2018 versus US GAAP and Adjusted Net Income of $1.6 billion or $7.53 per share in 2017.

In addition, the company “adheres to a pay-for-performance philosophy.”

Jason T. Liberty, CFO, saw total compensation of $4.8 million. Michael Bayley, president and CEO of Royal Caribbean International, had total compensation of $5.7 million while Lisa Lutoff-Perlo saw her total package at $3.8 million as president and CEO of Celebrity Cruises. 

Of note, Harri U. Kulovarra became a named executive officer in Royal Caribbean’s SEC filing.

His total compensation includes included bonuses of $450,000 and $150,000 received in 2018 and 2017, respectively, in recognition of his efforts in connection with the delivery of three newbuild ships in 2018 and one newbuild ship in 2017.

Compensation Table: