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Good news!! FDR's compensation doubled!!!!


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https://www.marketwatch.com/story/norwegian-cruise-ceos-total-pay-more-than-doubles-to-over-36-million-during-year-of-covid-11617816363?mod=mw_latestnews

 

I am so relieved!!! Also I am glad he got a $20k allowance for a country club. Must be stressful raking in the millions, to think some of us had it rough in 2020.

i.e. worrying about getting sick, taking care of relatives, getting our refunds.

 

All of this while not paying employees who were stuck on board. Some CEO's would actually take their pay during this time and donate it to employees.

 

 

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I didn't fully understand the specifics, but it's important to remember that much of CEO compensation is based upon the business's prior year performance.  If NCL had record profits in 2019, the CEO (and many other execs with variable compensation) would likely have received healthy bonuses in Spring 2020 (i.e. before Covid hit).  That doesn't mean his compensation is "fair," but like the saying goes "it's business."

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3 hours ago, HowardK said:

....All of this while not paying employees who were stuck on board. Some CEO's would actually take their pay during this time and donate it to employees.

 

Perhaps he did donate some, most, or even all of it....do you know for sure that he didn't? 😉

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3 hours ago, HowardK said:

https://www.marketwatch.com/story/norwegian-cruise-ceos-total-pay-more-than-doubles-to-over-36-million-during-year-of-covid-11617816363?mod=mw_latestnews

 

I am so relieved!!! Also I am glad he got a $20k allowance for a country club. Must be stressful raking in the millions, to think some of us had it rough in 2020.

i.e. worrying about getting sick, taking care of relatives, getting our refunds.

 

All of this while not paying employees who were stuck on board. Some CEO's would actually take their pay during this time and donate it to employees.

 

 

Well deserved. He is the leader of a multi billion dollar company. And deserves every penny. Same with any business. 

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Just a hunch but if Kevin Sheenan was still running things I am sure he would have helped out the employees stranded on board and paid them and not charged them for items. Disgraceful what happened.  I'm not saying FDR shouldn't have a nice compensation deal, but it seemed a little excessive considering the circumstances.

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10 minutes ago, Heymarco said:

 

 

Would you still agree if NCL ends up going bankrupt and can’t refund all the cruise deposits? 🤷‍♂️

NCL doesn't have to refund deposits if you use a credit card.  The CC company will and then it's up to them to sue for compensation.  Maybe we'll be sailing on the Pride of VISA in a year or two?  😁

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14 hours ago, Heymarco said:

Would you still agree if NCL ends up going bankrupt and can’t refund all the cruise deposits? 🤷‍♂️

Reality check. Every major US airline has declared bankruptcy over the last couple of decade. Every reservation was honored. You need a leader to avoid bankruptcy, and you won’t get one for $50K a year. 

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16 minutes ago, Steff79 said:

 

"Royal Caribbean Chairman and CEO Richard Fain agreed to give up his base salary — $1.1m in recent years — and other senior executives are taking pay cuts."

 

Fain kept the remaining $13M of his compensation....he'll be fine. 🤑

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37 minutes ago, Heymarco said:

Google Thomas Cook.

 

Not a US business, Thomas Cook is a UK business where being bankrupt is very different thing.

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I’m not an FDR fan, by any stretch.  But frankly, the guy kept NCL afloat (pun intended) while keeping the most valuable assets of the company intact and managed the company through the most trying events in the cruise industry’s history (short of the Titanic sinking).  And now, has managed to find a way forward to sail again, with little in the way of any governmental help, in any worldwide geographic area.

 

I’d say his job has been harder in the last 18 months than at any time in the company’s history!

 

Good for him!

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