Bloomberg – CEO Pandemic Pay: ‘Heads I Win, Tails I Win Almost as Much’
May 10, 2021
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.