Top bosses at Royal Caribbean Cruises are taking six-month pay cuts amid the coronavirus crisis.
Chairman and chief executive Richard Fain have 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 expected to resume until July 1.
Royal Caribbean International will send the Quantum of the Seas to Seattle in 2021, giving the cruise line four ships serving Alaska, its largest deployment there.
It will be the Quantum’s first time sailing from the Pacific Northwest, where it will sail seven-day cruises visiting Endicott Arm Fjord, the Sitka Sound and Juneau, among other stops.
The ship will join the Ovation, Radiance and Serenade of the Seas, which will be based in Seattle, Vancouver and Seward, Alaska, respectively.
The Quantum had been based in Asia, where it was sailing from Singapore and Tianjin, China. A Royal Caribbean spokesperson said the company had planned to send the Quantum to Alaska in 2021 before the Covid-19 coronavirus outbreak.
Royal Caribbean said last fall that its fifth Oasis-class ship, the Wonder of the Seas, would sail from China when it debuts in 2021