Frank Del Rio, president and CEO of Norwegian Cruise Line Holdings, saw total compensation of $22.6 million in 2018 as the company rocketed to a record earnings year with strong performances from Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises.
It was also a good year for Jason Montague, president and CEO of Regent, who saw total compensation of $5.3 million, as did Andy Stuart, president and CEO of Norwegian Cruise Line, seeing similar total compensation.
Compensation was based on various targets, with the company seeing record revenue, record net income and record EPS. Among the highlights the company generated GAAP net income of $954.8 million or EPS of $4.25. Adjusted Net Income was $1.1 billion or Adjusted EPS of $4.92. In addition, total revenue increased 12.2% to $6.1 billion. Gross Yield increased 3.4%.
“Our senior leadership team’s focus on driving demand for our brands and executing on our business strategies resulted in record performance for 2018,” the company said.
The numbers were reported in an SEC filing by Norwegian. The company noted that annual cash performance incentives were earned based on pre-established targets for entity-wide financial performance.
The SEC filing also said Del Rio’s employment term extends until Dec. 31, 2020.
Mark Kempa, executive vice president and CFO, is signed through 2021.
Meanwhile, Montague and Stuart both had employment agreements through Dec. 31, 2018, which now renew on one-year terms.
Compensation Table:
