Royal Caribbean Cruises Management

Management criteria checks 2/4

Royal Caribbean Cruises' CEO is Jason Liberty, appointed in Jan 2022, has a tenure of 2.92 years. total yearly compensation is $17.22M, comprised of 7.2% salary and 92.8% bonuses, including company stock and options. directly owns 0.018% of the company’s shares, worth MX$231.76M. The average tenure of the management team and the board of directors is 3.5 years and 11.7 years respectively.

Key information

Jason Liberty

Chief executive officer

US$17.2m

Total compensation

CEO salary percentage	7.2%
CEO tenure	2.9yrs
CEO ownership	0.02%
Management average tenure	3.5yrs
Board average tenure	11.7yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Jason Liberty's remuneration changed compared to Royal Caribbean Cruises's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	US$3b
Jun 30 2024	n/a	n/a	US$3b
Mar 31 2024	n/a	n/a	US$2b
Dec 31 2023	US$17m	US$1m	US$2b
Sep 30 2023	n/a	n/a	US$920m
Jun 30 2023	n/a	n/a	-US$56m
Mar 31 2023	n/a	n/a	-US$1b
Dec 31 2022	US$11m	US$1m	-US$2b
Sep 30 2022	n/a	n/a	-US$3b
Jun 30 2022	n/a	n/a	-US$4b
Mar 31 2022	n/a	n/a	-US$5b
Dec 31 2021	US$13m	US$950k	-US$5b
Sep 30 2021	n/a	n/a	-US$5b
Jun 30 2021	n/a	n/a	-US$5b
Mar 31 2021	n/a	n/a	-US$5b
Dec 31 2020	US$6m	US$819k	-US$6b
Sep 30 2020	n/a	n/a	-US$4b
Jun 30 2020	n/a	n/a	-US$2b
Mar 31 2020	n/a	n/a	US$185m
Dec 31 2019	US$5m	US$866k	US$2b
Sep 30 2019	n/a	n/a	US$2b
Jun 30 2019	n/a	n/a	US$2b
Mar 31 2019	n/a	n/a	US$2b
Dec 31 2018	US$5m	US$788k	US$2b
Sep 30 2018	n/a	n/a	US$2b
Jun 30 2018	n/a	n/a	US$2b
Mar 31 2018	n/a	n/a	US$2b
Dec 31 2017	US$7m	US$692k	US$2b

Compensation vs Market: Jason's total compensation ($USD17.22M) is above average for companies of similar size in the MX market ($USD5.71M).

Compensation vs Earnings: Jason's compensation has increased by more than 20% in the past year.

CEO

Jason Liberty (48 yo)

2.9yrs

Tenure

US$17,216,275

Compensation

Mr. Jason T. Liberty serves as President and Chief Executive Officer for Royal Caribbean Group at Royal Caribbean International, Ltd. Mr. Liberty serves as an Independent Director at WNS (Holdings) Limited...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Jason Liberty	President	2.9yrs	US$17.22m	0.018% MX$ 232.7m
Naftali Holtz	Chief Financial Officer	2.9yrs	US$4.89m	0.0092% MX$ 121.7m
Lisa Lutoff-Perlo	Vice Chairman of External Affairs	1.6yrs	US$9.77m	0.023% MX$ 306.2m
Harri Kulovaara	Executive Vice President of Maritime & Newbuilding	19.9yrs	US$4.66m	0.0083% MX$ 110.1m
Michael Bayley	President & CEO of Royal Caribbean International	10yrs	US$10.81m	0.012% MX$ 163.3m
Laura Hodges Bethge	President of Celebrity Cruises	1.6yrs	US$3.35m	0.010% MX$ 135.4m
Henry Pujol	Senior VP & Chief Accounting Officer	11.6yrs	no data	0.0019% MX$ 25.7m
Martha Poulter	Senior VP & Chief Information Officer	7yrs	no data	no data
Michael McCarthy	Vice President of Investor Relations	no data	no data	no data
R. Lake	Senior VP	3.5yrs	no data	no data
Dana Ritzcovan	Executive VP and Chief People & Outreach Officer	1.9yrs	no data	no data
Gavin Smith	Managing Director	16yrs	no data	no data

3.5yrs

Average Tenure

56yo

Average Age

Experienced Management: RCL *'s management team is considered experienced (3.5 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Jason Liberty	President	3.1yrs	US$17.22m	0.018% MX$ 232.7m
William Kimsey	Independent Lead Director	21.7yrs	US$420.04k	0.011% MX$ 147.8m
Richard Fain	Chairman	43.9yrs	US$525.04k	0.18% MX$ 2.4b
Donald Thompson	Independent Director	9.6yrs	US$322.04k	0.014% MX$ 178.9m
Ann Moore	Independent Director	12.6yrs	US$312.04k	0.0096% MX$ 126.9m
John Brock	Independent Director	10.8yrs	US$322.04k	0.0089% MX$ 118.0m
Eyal M. Ofer	Independent Director	29.6yrs	US$320.04k	0.015% MX$ 195.5m
Vagn Ove Sorensen	Independent Director	13.4yrs	US$345.04k	0.0087% MX$ 115.6m
Arne Wilhelmsen	Independent Director	21.6yrs	US$320.04k	0.0016% MX$ 21.9m
Michael Leavitt	Independent Director	2.8yrs	US$335.32k	0.0018% MX$ 24.4m
Stephen Howe	Independent Director	6yrs	US$351.30k	0.0041% MX$ 54.4m
Maritza Montiel	Independent Director	9yrs	US$320.04k	0.0051% MX$ 67.0m

11.7yrs

Average Tenure

72.5yo

Average Age

Experienced Board: RCL *'s board of directors are seasoned and experienced ( 11.7 years average tenure).

Royal Caribbean Cruises Management

Management criteria checks 2/4

Key information

Recent management updates

Independent Director recently sold Mex$69m worth of stock

Chairman recently sold Mex$184m worth of stock

President of Celebrity Cruises recently sold Mex$10m worth of stock

Independent Director recently sold Mex$17m worth of stock

Chairman recently sold Mex$57m worth of stock

Chairman recently sold Mex$56m worth of stock

Recent updates

Royal Caribbean Cruises Ltd. Declares Quarterly Dividend, Payable on January 13, 2025

Royal Caribbean Cruises Ltd. Declares Quarterly Dividend, Payable on January 13, 2025

Now 23% undervalued

New major risk - Share price stability

Independent Director recently sold Mex$69m worth of stock

Investor sentiment improves as stock rises 15%

Chairman recently sold Mex$184m worth of stock

Third quarter 2024 earnings released: EPS: US$4.22 (vs US$3.94 in 3Q 2023)

Royal Caribbean Cruises Ltd. Provides Earnings Guidance for the Full Year 2024

Royal Caribbean Unveils Plans to Mark the Next Bold Adventure in Vacations with the Debut of Perfect Day Mexico

Upcoming dividend of US$0.40 per share

President of Celebrity Cruises recently sold Mex$10m worth of stock

Independent Director recently sold Mex$17m worth of stock

New major risk - Share price stability

Chairman recently sold Mex$57m worth of stock

Second quarter 2024 earnings released: EPS: US$3.32 (vs US$1.79 in 2Q 2023)

Royal Caribbean Group Declares Dividend for the Second Quarter Ended June 30, 2024, Payable on October 11, 2024

Chairman recently sold Mex$56m worth of stock

Insider recently sold Mex$57m worth of stock

President recently sold Mex$120m worth of stock

Royal Caribbean Cruises Ltd. Provides Earnings Guidance for the Full Year 2024

First quarter 2024 earnings released: EPS: US$1.40 (vs US$0.19 loss in 1Q 2023)

Royal Caribbean Cruises Ltd., Annual General Meeting, May 29, 2024

New minor risk - Share price stability

Chairman recently sold Mex$17m worth of stock

Insider recently sold Mex$23m worth of stock

Royal Caribbean Cruises Ltd. Provides Earnings Guidance for the First Quarter and Full Year of Fiscal 2024

Full year 2023 earnings released: EPS: US$6.63 (vs US$8.45 loss in FY 2022)

Insider recently sold Mex$45m worth of stock

Global Ports Holding Plc (LSE:GPH) acquired the remaining 38% stake in Creuers del Port de Barcelona S.A. from Royal Caribbean Cruises Ltd. (NYSE:RCL).

Insider recently sold Mex$14m worth of stock

Insider recently sold Mex$5.4m worth of stock

Third quarter 2023 earnings released: EPS: US$3.94 (vs US$0.13 in 3Q 2022)

New major risk - Financial position

Independent Director recently bought Mex$1.8m worth of stock

Chief Financial Officer recently sold Mex$11m worth of stock

Second quarter 2023 earnings released: EPS: US$1.79 (vs US$2.05 loss in 2Q 2022)

First quarter 2023 earnings released: US$0.19 loss per share (vs US$4.58 loss in 1Q 2022)

Royal Caribbean Group Appoints Palle Laursen as Executive Vice President and Head of Marine, Effective May 1, 2023

Royal Caribbean Cruises Ltd. Provides Operating Guidance for the First Quarter and Full Year of Fiscal 2023

Full year 2022 earnings released: US$8.45 loss per share (vs US$20.89 loss in FY 2021)

Royal Caribbean Cruises Ltd. Announces Retirement of William K. Reilly as a Member of the Board of Director

Now 21% undervalued

Now 20% undervalued

Royal Caribbean Cruises Ltd. Announces Executive Changes

Now 21% undervalued

Third quarter 2022 earnings released: EPS: US$0.13 (vs US$5.59 loss in 3Q 2021)

Royal Caribbean Cruises Ltd. Provides Operating Guidance for the Fourth Quarter of 2022

Royal Caribbean Cruises Ltd. Provides Earnings Guidance for the Third Quarter and Second Half of 2022

Second quarter 2022 earnings released: US$2.05 loss per share (vs US$5.29 loss in 2Q 2021)

Independent Director recently bought Mex$2.9m worth of stock

First quarter 2022 earnings released: US$4.58 loss per share (vs US$4.66 loss in 1Q 2021)

Royal Caribbean Cruises Ltd. Provides Earnings Guidance for the Second Half of 2022

Royal Caribbean Cruises Ltd., Annual General Meeting, Jun 02, 2022

Full year 2021 earnings: EPS in line with expectations, revenues disappoint

Insider recently sold Mex$4.4m worth of stock

Insider recently sold Mex$30m worth of stock

Royal Caribbean Group Appoints Michael O. Leavitt to Board of Directors

Royal Caribbean Cruises Ltd. Provides Earnings Guidance for the First Half and Second Half of 2022

Now 23% undervalued after recent price drop

Royal Caribbean Group Provides Earnings Guidance for the year 2021

Royal Caribbean Group Resumes U.S. Cruising

Royal Caribbean Group Announces That The Company Cannot Reasonably Estimate Financial Outlook for 2021

Royal Caribbean Group Announces Extending the Suspension of Sailings

Sycamore Partners Management, L.P. completed the acquisition of Azamara Club Cruises, Inc. from Royal Caribbean Group (NYSE:RCL).

Royal Caribbean Group has completed a Follow-on Equity Offering in the amount of $1.541371 billion.

New 90-day high: Mex$1,787

Full year 2020 earnings released: US$27.05 loss per share (vs US$8.97 profit in FY 2019)

Revenue misses expectations