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CEO Pandemic Pay: 'Heads I Win, Tails I Win Almost as Much'


CEO Pandemic Pay: ‘Heads I Win, Tails I Win Almost as Much’
Bloomberg
4 hrs ago
Anders Melin
(Bloomberg) Norwegian Cruise Line called 2020 its “most challenging year.” The company lost $4 billion, a half decade’s worth of profit. Shares dropped 56%. Thousands of crew members lost their livelihoods.
But Frank Del Rio, its chief executive officer, did just great. He collected his biggest-ever pay package: $36.4 million.
How? Corporate boards cut Del Rio and scores of other CEOs extraordinary slack for miserable results in the pandemic, securities filings show. Otherwise, their pay would have plunged because it is tied to metrics such as sales, profit and stock prices. ....

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Crew death, contract cancellations mark cruise industry restart


Crew death, contract cancellations mark cruise industry restart
The most recent dash to resume luxury cruise sailings after a year-long shutdown triggered by the COVID-19 pandemic has already claimed the life of a crew member. Last week, Cruise Law News (CLN), an organization which provides legal help to victims of industry malpractice, reported a crew suicide on the Royal Caribbean Cruise Line (RCCL) Odyssey of the Seas on Tuesday evening.
Although details including the name of the worker have not been released, the article, citing anonymously submitted crew reports, claims that the employee was a man from India who jumped overboard. Cruisemapper.com, a cruise industry publication, has also reported the worker’s death as a suicide. ....

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