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Repairing Carnival’s image and replacing Micky Arison is not going to be easy, and the new CEO is being paid enough to be lured into trying it: Arnold Donald is being paid a hefty compensation package that adds up to around $8 million in 2013 and beyond, and then additional big bonuses for next two years, according to the SEC filing detailing his contract.
According to the filing, his three year contract which started July 3rd this year includes:
- $1 million base salary to start, with reviews starting 2014 to increase or decrease by company’s board.
- For 2013, Donald will get a fixed bonus of $1.125 million
- Donald shall receive a one-time award of performance-based restricted stock units with a target value of $3 million, though it could be 5 times that depending on company’s performance.
- Donald will receive an annual share award with a fair market value of $3.5 million in long term incentives.
- The company will pay Donald $350,000 to cover all relocation and temporary living expenses incurred by him.
- 2014 bonus will go up to $2.65 million and 2015 could go up to $5.3 million