ROYAL CARIBBEAN CRUISES LTD appointed new CEO

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On April 6, 2023, Royal Caribbean Cruises Ltd. (the "Company") announced that Lisa Lutoff-Perlo will transition from her role as President and Chief Executive Officer of Celebrity Cruises to Vice Chairman, External Affairs for the Royal Caribbean Group, effective as of May 1, 2023 (the "Effective Date").


In connection with this transition, we have entered into an agreement, dated as of March 31, 2023 (the "Agreement"), with Ms. Lutoff-Perlo pursuant to which she will serve as Vice Chairman, External Affairs and provide transition services to the Company during the period commencing on the Effective Date until April 25, 2024. In exchange for these services, she will receive an annual base salary of $360,000 and remain eligible to receive a bonus under our Executive Short-Term Bonus Plan on the terms previously approved by the Talent and Compensation Committee for 2023. She will also continue to participate in the Company's benefits plans and programs in accordance with their terms and eligibility requirements.


The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending March 31, 2023.


In connection with Ms. Lutoff-Perlo's transition, she will be entitled to receive severance payments and benefits in accordance with the terms and conditions of her existing employment agreement with the Company, dated August 3, 2015, as previously filed with the Securities and Exchange Commission on February 23, 2017 as Exhibit 10.31 to the Company's Annual Report on Form 10-K for the year ended December 31, 2016.