Royal Caribbean Cruises’ CEO Richard Fain (photo top in happier days) collected $14,358,919 in compensation in 2019, the cruise line announced two weeks ago in a SEC filing.
Two days earlier, Royal Caribbean announced that it was laying off 25% of its workforce in the United States, due to the COVID-19 pandemic. In addition, Royal Caribbean announced the “early conclusion of many crew contracts.” Last month, Royal Caribbean laid off 1,000 contractors.
Royal Caribbean SEC filings indicate that prior to the COVID-19 pandemic, the cruise line employed approximately 77,000 employees, which includes 70,000 shipboard employees, and 7,000 full-time employees in its shoreside operations.
Mr. Fain has collected an average of $12,000,000 a year in compensation each year for the last 6 years for a total of approximately $72,000,000. He earned $12,422,715 in 2018, $13,343,413 in 2017, $10,405,684 in 2016, $9,388,569 in 2016 and $12,013,878 in 2015.
In the beginning of April, Mr. Fain announced that he was forgoing six months (through the end of September) of his $1,100,000 base salary which turns out to be around $550,000. This may see like a substantial amount of money, but it is only around 3.5% of his compensation last year. Mr. Fain received around $13,100,000 of his compensation in stock awards, incentive plans compensation, increases in his pension plan and other compensation.
And what county has the highest Virus count,?where the ships dumped all the sick passengers that were to St---d to stay home.
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