When it comes to the salaries of CEOs, the figures can be quite staggering. We often hear about high-profile executives making millions of dollars a year. Norwegian Cruise Line Holdings Ltd. is one such company that has recently come under scrutiny for its CEO’s compensation package.
Norwegian Cruise Line Holdings Ltd. is an American cruise company that operates under three brands: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. The current CEO of Norwegian Cruise Line Holdings Ltd. is Frank Del Rio, who has been with the company since 2015.
According to the company’s proxy statement filed with the Securities and Exchange Commission (SEC) on April 16, 2021, Del Rio’s total compensation for 2020 was $36.4 million. This included a base salary of $1.5 million, stock awards worth $17 million, option awards worth $8 million, and non-equity incentives worth $9 million.
Del Rio’s compensation package has been a topic of controversy in recent years. In 2019, he received a total compensation package worth $22.6 million, which was already considered high by industry standards.
Many investors have criticized Del Rio’s compensation as excessive, especially given the challenges faced by the cruise industry during the COVID-19 pandemic., along with other cruise companies, had to suspend its operations for several months in 2020 due to health and safety concerns.
Despite these challenges, Del Rio’s compensation increased significantly in 2020 compared to 2019. Some shareholders have expressed their dissatisfaction with this increase and have called for better alignment between executive pay and shareholder returns.
In conclusion, Frank Del Rio’s compensation as CEO of Norwegian Cruise Line Holdings Ltd. is quite substantial compared to average executive salaries in other industries. While some argue that his pay is justified given his role in leading the company through challenging times, others believe that it is excessive and not aligned with shareholder interests. Regardless of one’s opinion on the matter, it is clear that executive compensation remains a highly debated topic in the business world.
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