In response to the coronavirus crisis, Royal Caribbean
Cruises Ltd. chairman and CEO Richard Fain will forgo his salary through Sept. 30 and other
RCCL executives have agreed to pay cuts effective immediately, according to a
filing with the Securities and Exchange Commission (SEC).
Richard Fain
Three executives have agreed to a 25% reduction in base
salaries through Sept. 30: executive vice president and CFO Jason Liberty,
Royal Caribbean International president and CEO Michael Bayley and Celebrity
Cruises president and CEO Lisa Lutoff-Perlo.
In addition, RCCL’s board of directors will forego their
cash retainers and fees through Sept. 30.
“These reductions were made in light of the Covid-19
pandemic and the negative financial and operational impacts resulting
therefrom,” the SEC filing said.