Top bosses at Royal Caribbean Cruises are taking six month pay cuts amid the coronavirus crisis.
Chairman and chief executive Richard Fain has agreed to forego payment of his base salary, estimated to be worth more than $1 million.
Chief financial officer Jason Liberty, Royal Caribbean International chief executive Michael Bayley and Celebrity Cruises counterpart Lisa Lutoff-Perlo have each elected to reduce their respective base salaries by 25% until September 30.
“These reductions were made in light of the Covid-19 pandemic and the negative financial and operational impacts resulting therefrom,” the company said in a filing to the US Securities and Exchange Commission.
Royal Caribbean Cruises extended the suspension of sailings of its global fleet last week until May 12 with Alaska, Canada and New England sailings not expeted to resume until July 1.