Royal Caribbean Cruises chief executive, Richard Fain, will forego the payment of his salary as the company battles the coronavirus pandemic.

In a statement to markets, the company added chief financial officer Jason Liberty; Michael Bayley, chief executive of Royal Caribbean International; and Lisa Lutoff-Perlo, chief executive, Celebrity Cruises, had each elected to reduce their respective base salaries by 25 per cent.

The measures will be in place until the end of September.

“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 United States Securities & Exchange Commission.

Shares in Royal Caribbean Cruises have fallen by more than 80 per cent since January, and are currently trading at $26 each.

All sailings by the company – which also controls Celebrity Cruises, Azamara and Silversea Cruises – are currently suspended.

Departures are tentatively scheduled to resume on May 12th, with Alaska, Canada and New England sailings not expected to resume until July.

Coronavirus

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