Summary
This Form 8-K filing from Royal Caribbean Cruises Ltd. (RCL) on May 22, 2013, primarily announces a significant executive leadership change. Effective May 16, 2013, Brian J. Rice will transition his role as Chief Financial Officer (CFO), with Jason Liberty assuming these responsibilities. Mr. Rice will remain as Vice Chairman, indicating a continued, albeit altered, role within the company. This transition marks the appointment of Jason Liberty, a seasoned executive within RCL since 2005, to the critical CFO position. Mr. Liberty's prior experience in Strategy and Finance, including oversight of Treasury and Investor Relations, positions him to effectively manage the company's financial operations. His new compensation package and updated employment agreement reflect the increased responsibilities associated with this promotion.
Key Highlights
- 1Effective May 16, 2013, Jason Liberty has been appointed Chief Financial Officer (CFO) of Royal Caribbean Cruises Ltd. (RCL).
- 2Brian J. Rice is transitioning from his CFO role but will remain as Vice Chairman of the company.
- 3Jason Liberty, previously Senior Vice President of Strategy and Finance, has extensive experience within RCL, including roles in Treasury and Investor Relations.
- 4Mr. Liberty's new role comes with a base salary of $400,000 for the remainder of 2013 and a bonus target of 75% of his base salary.
- 5In connection with his promotion, Mr. Liberty received an award of restricted stock units valued at $87,500, vesting over four years.
- 6Mr. Liberty's employment agreement has been amended to increase his severance entitlement to two years post-termination, aligning with other senior officers.