Royal Caribbean Cruises reported executive compensation for a record 2019 financial year in a Friday evening SEC filing, just two days following the announcement the company was laying off approximately 26 percent of its U.S. workforce.
CEO and Chairman Richard Fain saw a $14.4 million payday in 2019, mostly driven by stock awards. Fain has agreed to forgo his base salary through September of this year due to the COVID-19 pandemic.
Other key company executives also enjoyed a robust pay check in 2019, with Michael Bayley, president and CEO of the Royal Caribbean brand, taking in just over $7 million, up from $5.7 million the year prior.
Lisa Lutoff Perlo, president and CEO, Celebrity Cruises, saw compensation at $4.4 million.
The company noted it will consider the business and financial impact to the company, shareholders and employees in evaluating 2020 performance in early 2021, citing COVID-19.