The Rich Get Richer: Royal Caribbean's Fain Cashes In

Richard Fain Adam GoldsteonReuters reports that Royal Caribbean's CEO Richard Fain recently sold 94,850 shares at average price of $62.38 for a total value of $5,916,743.00; and exercised options for 51,143 shares at $7.27 per share for a total value of $3,190,300.00.

CEO Fain holds over a million shares of his cruise line's stock.  Reuters says he holds 1,380,000 (million) shares for a value of over $86,000,000. Tech Insider says that owns 1,153,689 company shares for a total value of around $72,000,000. This excludes the shares owned by various trusts for the benefit of of the Fain family. 

Earlier this week, we reported that Royal Caribbean Chief Operating Officer (COO) Adam Goldstein unloaded sold 42,152 shares of RCL stock at an average price of $61.68 for $2,599,935.36. COO Goldstein still owns 370,724 shares valued at $22,866,256.

Notwithstanding the vast wealth of these cruise CEO's, Royal Caribbean has made substantial cut-backs in the salaries of its staff and crew members, increased work, and reduced benefits. 

 

Photo Credits: Royal Caribbean Press Center

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Comments (9) Read through and enter the discussion with the form at the end
Jyoti Thakuri - August 1, 2014 3:33 AM

This is very true. Why doesn't the world change for the crews? Why are their salaries getting bad to worse? This is 21st century. All the professions are starting to get better except the crew.

Valente,jose - August 1, 2014 4:07 PM

I enjoy r.c.i in september 1981 til 1999 december i left the company in medical i was. No able to returne because the problem i have in my légs. I never get no reteirment .wen i enjoy the company the have only three small ship i have working very hard i never get nothing i hope the ceo loock to my problem.

Stephanie Parkes - August 3, 2014 8:44 AM

I think maybe it is time the the crew members started a Union. Time to strike!!! you guys need to take some lessons from South Africa when the majority is not happy, the C.E.O.'s suffer which is only right. Mr Fain it is time to pay what is due your crew who work very very hard to make your company the success that it is so pay what is due to the working man.

I would like to see if you are man enough to answer this email.

David - August 4, 2014 7:43 PM

Service crews are paid based on mediocre earnings of their corresponding home countries - therefore they are making good money compared to their native countries inhabitants.
None force them to work for cruise companies - they are begging to get those contracts and then after getting what they dreamed about - they start to complain like 5c hookers.
Feel free not to post it :)

Jim Walker - August 4, 2014 8:21 PM

I'm-afraid-to-leave-my-last-name-David: You would know about five cent hookers.

Monica Loray - October 16, 2014 2:01 PM

Workers or slaves ?

Sylvia - October 16, 2014 2:42 PM

This article absolutely makes me sick to my stomach. I don't know how these individuals can sleep at night. The cruise lines are becoming greedier and greedier. They along with the airlines don't care about the people they serve and the cruise lines take advantage of people who cannot obtain work in their own countries and hire these individuals and make them work like slaves. This is the 21st century is it not? The cruise lines say that they pay them well, and if they don't like it - they can leave, as there are others who are willing to do the slave work. That may be true, but each time they have to hire new crew, there is a learning curve and this results in poor service to the "paying" customer. It's time the cruise lines start being humane with their working crew. I know I for one don't want people waiting on me when I cruise that are tired and hate their job, because the feeling gets passed on to me. No one should have to work the hours that cruise line crews work. These individuals are fellow human beings and those lines that are unfairly working their crews need to STOP! I hope that the CEO of RCL enjoys the money he is making and that his integrity as a man knows at whose hands he has been able to live like a king has been because of the labour of all his crew members and the many many hours of labour they have worked so that he can live the "good life"! Morally and ethically this CEO needs to take a good look at how he is treating his fellow man. And he's not the only one.

Samantha - October 17, 2014 3:25 AM

Just...wow. I did a contract aboard an RCL ship last year. Although I technically worked for a concessionaire, the majority of traits associated with my work and pay were equal to those working directly with RCL. I had an average paying job (for a two stripe crew member) and was lucky enough to only work half days on port days, but sea days would start at 08:30 and finish at maybe 00:30, if lucky, with less than two hours worth of breaks in between. When I returned home I calculated that I made somewhere around $3 an hour...which, as an American, shocked me and made me decide not to take another contract with that particular position.
My ship had crew members from about 54 different countries and turnover is insane on all ships. Although many people from less economically thriving currency countries (such as the Philippines and Indonesia) are coming home with "a lot" of money, a good portion of them are using it to take care of family members as well as themselves and tend to get the really horrid jobs in terms of work hours. I knew crew members who only got to see their children grow during their breaks in between contracts (typically about a month), and through pictures. Same with wives. And going to a relative's funeral is almost impossible - my grandmother died during my contract, so I got to experience this first hand. The situation there is similar to working in a factory and sending money home to your children and loved ones, but seeing them rarely. I also remember a couple fatal incidents during my contract involving dedicated crew members, both thought to have been primarily caused by hard work, exhaustion, and long hours.
Although a union would be great, it would be difficult to form one. As mentioned, turnover is crazy and most crew members (excluding perhaps officer status and maybe some entertainment here) are considered to be nothing but numbers and easily replaceable. I also have the feeling that (if it isn't banned in the initial contract) if someone seemed to be really pursuing a union, they would probably be let go. And by that, I mean kicked off the ship and forced to buy a plane ticket home, no matter the port. Also, most crew do not get to choose their ships and communicating with those off your ship isn't the easiest, so being able to stick with a core group to form an organization would be incredibly difficult. I love the idea though, it's just dangerous. Funny enough, I ended up engaged to a South African who worked on the same ship as me, so the comment about SA and unions/strikes made me smile. SA is indeed very good when it comes to this. :)
I loved being aboard a ship with so many different people and seeing so many different places, but being a number and getting paid less than half the minimum wage in my state kind of turned me off. I may go back to ships someday, but it will be under very different circumstances.
Ps - As a former crew member, it made me very moved to see people caring about the welfare of the crew on ships. Thank you all. :)

harry - November 27, 2014 3:39 PM

these cruise ships do not pay full tax to u.s.a as they are registered in bahamas fair enough, but pay staff a proper rate & after all a happy worker is a good worker.
i personally have been embarrased the way cruise crew are
treated.

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