When Carnival’s salary and bonus targets were set, operating income was forecast to increase by 18.4%. Actual operating income fell by 3.9% in a year of higher fuel costs and hundreds of itinerary disruptions from geopolitical events in the Middle East/North Africa and the earthquake and nuclear disaster in Japan, among other challenges.
Cash bonuses for Carnival’s top officers were cut an average of 13%, the proxy said. The exception was Gerry Cahill, whose Carnival Cruise Lines turned in a strong performance.
Arison’s salary and bonus was $2.98m, a 10.8% decrease from 2010. His stock awards were valued at nearly $4.4m, up from $3.5m, and other compensation totaled $180,000, including $116,000 for private use of the corporate aircraft.
Vice chairman and coo Howard Frank’s salary and bonus was $2.81m, down 11.1%. His total compensation was nearly $6.7m, up from $6.3m. Stock awards were valued at $3.6m, up from $2.9m. Other compensation was $235,000 with the largest chunk, $109,600, for private use of the corporate aircraft.
Pier Luigi Foschi’s salary and bonus, payable in euros, was €2.06m, down 5.8%. In dollars, the Costa Crociere chairman and ceo’s total compensation including the value of stock awards was $4.7m, up from $4.4m. Other compensation of nearly $423,000 covered items such as accommodations, driver/security and a $56,000 honorarium fee to Knights of Labour in Italy.
The salary and bonus for Cahill, president and ceo of the Carnival brand, rose 2.1%, to $2.01m. His compensation totaled $3.7m, up from just under $3.6m. Stock awards were valued at nearly $1.4m, up from $1m. Other compensation was $62,000.
Corporate svp and cfo David Bernstein’s salary and bonus was $932,780, down 10.8%. His total compensation was $1.8m, up from $1.7m, and included stock awards valued at $756,000 plus other compensation of $110,800.













