Who is Vagn O. Sørensen and what is his background?

Vagn O. Sørensen is a new Class III director appointed to the Royal Caribbean Cruises Ltd. Board. He has over 20 years of experience in the aviation industry, having previously served as President and CEO of Austrian Airlines Group and in various executive roles at Scandinavian Airlines Systems. He currently runs VS Consulting and serves on the boards of several other corporations.

Why was Vagn O. Sørensen appointed to the Board?

Mr. Sørensen was appointed to fill the vacancy created by the resignation of director Laura D.B. Laviada. His extensive experience, particularly in the aviation sector and corporate governance through his various board memberships, is expected to be valuable to the company.

Is Vagn O. Sørensen considered an independent director?

Yes, the Board of Directors has determined that Mr. Sørensen meets the independence requirements under the New York Stock Exchange listing standards and Royal Caribbean's own corporate governance principles.

How was Vagn O. Sørensen nominated for the Board?

Mr. Sørensen was nominated to the Board by Cruise Associates, in accordance with the terms of the Shareholders' Agreement dated February 1, 1993, as amended, between A. Wilhelmsen AS and Cruise Associates.

RCL 8-K: Leadership Changes

Summary

Royal Caribbean Cruises Ltd. (RCL) announced a change in its Board of Directors on July 27, 2011. The company appointed Vagn O. Sørensen as a Class III director, filling the vacancy left by Laura D.B. Laviada's resignation. Mr. Sørensen's appointment is significant due to his extensive experience in the aviation industry and his current board memberships with various international corporations.

Key Highlights

1Appointment of Vagn O. Sørensen to the Board of Directors, effective July 27, 2011.
2Mr. Sørensen replaces Laura D.B. Laviada, who resigned from the Board.
3Mr. Sørensen brings over 20 years of experience in the aviation industry, including leadership roles at Austrian Airlines Group and Scandinavian Airlines Systems.
4He currently serves as President of VS Consulting and holds board positions in several European and Canadian companies, including Air Canada and Lufthansa Cargo AG.
5The Board has determined Mr. Sørensen to be an independent director under NYSE listing standards and company guidelines.
6Mr. Sørensen was nominated by Cruise Associates as per the Shareholders' Agreement.

ROYAL CARIBBEAN CRUISES LTD 8-K Report, Executive Changes (Jul 27, 2011)

Summary

Key Highlights

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