Royal Caribbean's CEO won't be paid until September and other executives are taking 25% pay cuts as the coronavirus ravages the cruise industry
Royal Caribbean said Wednesday that its CEO would forego his salary until September in the wake of the coronavirus. Richard Fain, who has been the company's CEO for decades, will likely still see hefty compensation in the form of stock options. Royal Caribbean's CEO has volunteered to not take a salary through the end of September, the company, with three other executives taking a 25% pay cut as the coronavirus pandemic causes a major headache for the cruise industry.
The other executives seeing a 25% pay cut include CFO Jason Liberty, Michael Bayley, CEO of Royal Caribbean International, and Lisa Lutoff-Perlo, CEO of Celebrity Cruises. "Under normal circumstances, that's not the end of the world; here the multitrillion question is when do ships start sailing again?" he said.cruise lines won't see a single cent of the massive financial aid package passed by the US government
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