Richard Fain, the chairman and CEO of Royal Caribbean Cruises, has agreed to forego payment of his base salary, according to a statement.

Other key executives have agreed to a 25 percent cut of their base salaries including:

• Jason Liberty, Executive Vice President, Chief Financial Officer
• Michael Bayley, President and CEO, Royal Caribbean International
• Lisa Lutoff-Perlo, President and CEO, Celebrity Cruises

The adjustments are effective through Sept. 30, 2020.

These reductions were made in light of the COVID-19 pandemic and the negative financial and operational impacts resulting therefrom, the company said.

In addition, the Board of Directors approved to forego all cash retainers and fees payable for Board and committee service, effective from April 1, 2020 through September 30, 2020.