RCG execs reap rewards

SENIOR executives at Royal Caribbean Group (RCG) have seen their pay packets soar in the last 12 months, as their long-term equity-based incentives benefited from the ongoing cruise recovery.

Executive compensation tables released by RCG in the lead-up to its upcoming annual general meeting showed the top earner for the year was Royal Caribbean International (RCI) President & CEO Michael Bayley, whose total income was over USD$17.5m.

That included just under USD$15 million in stock awards, on top of a base salary of USD$1 million and a USD$1.4 million short-term bonus.

Bayley’s income, which was boosted by a significant increase in his long term incentives, eclipsed that of RCG’S overall Chairman & CEO, the outgoing Richard Fain, whose package was worth USD$15.8 million - of which USD$11.25m was in stock.

Jason Liberty, who was the overall group’s Chief Financial Officer last year prior to being elevated to replace Fain as RCG CEO, took home a package worth USD$13 million overall, including a USD$950,000 base pay and a USD$1.38 million bonus.

Like Bayley, Liberty’s compensation increased significantly year-on-year due to a big jump in the value of his sharebased remuneration.

Celebrity Cruises President & CEO, Lisa Lutoff-Perlo, received USD$10.4 million in total compensation, comprising a USD$820,000 base salary, a USD$1.066 million bonus, and USD$8.25 million in stock awards.

RCG’s top five was rounded out by EVP Marine Harri Kulovaara, with a total package worth USD$3.6 million including US$1.5 million in stock.