Del Rio takes 46% haircut

NORWEGIAN Cruise Line Holdings (NCLH) Chief Executive Officer Frank Del Rio saw his overall compensation reduced by a whopping 46% in 2021 meaning his income was just under USD$20 million for the year, compared to over USD$36 million in 2020.

According to filings with the US Securities & Exchange Commission, NCLH’s Compensation Committee made several changes to Del Rio’s pay package “in connection with feedback from shareholders”.

There were no non-performance based cash payments other than about USD$2 million in base salary and “limited perks”, and no special equity awards.

However, a contractual agreement guarantees Del Rio to an annual target award of shares worth USD$10 million, with the Committee deciding to use the closing stock price of USD$29.85 on 01 Mar 2021 to calculate the number of shares he received, which based on accounting principles elevated the overall stock award’s value to USD$14.1 million.

He also received a USD$3.6 million performance-related bonus, boosting his overall pay packet to USD$19.7 million.

Other top earners at NCLH included Norwegian Cruise Line President & Chief Executive Officer Harry Sommer, whose total package of USD$3.611 million was also down significantly on the prior year figure of USD$6.3 million.

That was similar to Regent Seven Seas Cruises chief Jason Montague, whose total package of USD$3.61 million compared to US$6.85 million in 2020.

Other top earners at NCLH included Chief Financial Officer Mark Kempa, with a USD$3.606 million package.