Kevin Sheehan's severance pay

[Suze10860]

Wealth Envy gets you nowhere. Be happy for what you have.

 

I can only speak for myself, but I guarantee you this has nothing to do with wealth envy. That's a pretty big assumption.

[sparks1093]

Well they are not working in their home country. They are working hard serving mostly US passengers.

 

On a non-US flagged ship in mostly international waters;).

[MikeWazowski]

That is nobody's business.

 

hmm. This is the "business" of every shareholder. $13M for an outgoing issue.

 

This obviously has an earnings impact.

[MikeWazowski]

Not much for today's packages. A CEO where I worked once, a guy who drove it into the ground such that they were taken over, got $30million - it was specified in his contract, signed when hired barely four years prior !

 

What an interesting topic.

Were you a board member? This knowledge can only come from a member of the board.

[cmdchiefthom]

Ditto! I always thought he was a decent human being.;)

Good for him!

[Crusin6]

If you think someone is not making enough money you are absolutely free to give them some of yours at any time. :D

 

 

Watch out.....that nonsense is on the horizon if we aren't careful😱😬

 

 

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[Crusin6]

Well they are not working in their home country. They are working hard serving mostly US passengers.

 

 

And that's why those US pax usually give extra cash tips out in addition to dsc.

 

 

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[pspercy]

What an interesting topic.

Were you a board member? This knowledge can only come from a member of the board.

Not even close:(

The facts were not secret.

 

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[fshagan]

What an interesting topic.

Were you a board member? This knowledge can only come from a member of the board.

 

In the US, the compensation of high level executives in publicly traded corporations must be reported in annual reports. That includes the severance pay of former high level executives.

[phissy]

As others have noted, this information is not a secret,

It is available on any publicly traded company.

Fortune 500 companies salaries of execs is reported yearly. ( including benefits and pension packages current values)

[LakeWobegon]

While I think he deserved the money if he was pushed out and earned it by making NCL what it is today

 

I just have issues with CEO making so much more than employees

 

Back in the day an owner made 10x an employees salary and that was a great living

Nowadays 50x is an awesome living

but 500- 1000x is greedy

 

I don't ... have issues that is. It's a tough row to hoe being a CEO. Everyone comes down on them for making so much money but its a trade off. The people criticizing them aren't working around the clock with work invading all facets of their life. Traveling constantly. Making lots of tough decisions. Listening to complaints constantly. You work your butt off. You produce. But its never good enough and eventually the company lets you go in most cases. The payout is compensation for the toll it takes on you. And its well deserved for the price they pay.

[softsands]

That is nobody's business.

 

Publicly traded company, sure as heck is.

[mking8288]

What's Frankie's golden parachute package like ? That should be an interesting comparison on severance - typically a negotiated offer as part of the signed contract offer ... :D

 

Nothing new to Wall Street for these outplacement deals for senior executives, from top management down the tiers. Pretty sure guidelines were in place and the deal was blessed by standing committee(s) of the board at the time - and summarized/abstracted in the corporate annual report & audited financial statement as filed ... in the footnotes.

[Deptacon]

More like people are fascinated and concerned about the outrageous amounts the 1% make and why the hell they make it

 

Need some cheese????

 

Compensation is the same why at the top as it is at the bottom. Thier is talent pools in upper management and companies need to offer 7 figure salaries to bring people on board and keep them.

 

I don't know why I bother, you dont seem to understand economics.....just want to get mad because someone makes more than you and its not "fair"

Edited March 18, 2016 by Deptacon

[Golfin55]

"Kevin Sheehan’s Exit Package Revealed

 

March 14, 2016

 

Over 14 months has passed since the resignation of Kevin Sheehan as the president and CEO of Norwegian Cruise Line Holdings.

 

 

 

‘Cruise Industry News’ has revealed that the Norwegian Cruise Lines recently-filed 2015 Annual Report shows that Kevin Sheehan’s executive severance package was $13.4 million.

 

 

 

Wow!"

 

 

 

https://malcolmoliver.wordpress.com/2016/03/14/kevin-sheehans-exit-package-revealed/

 

 

 

I wish him all the best! :)

 

 

May I ask why you wish him "your best"?

I'm confused[emoji848].

[sparks1093]

May I ask why you wish him "your best"?

I'm confused[emoji848].

 

I know you don't like him but a lot of people had a positive view of Sheehan.

[MikeWazowski]

In the US, the compensation of high level executives in publicly traded corporations must be reported in annual reports. That includes the severance pay of former high level executives.

 

You are partly correct. Public companies limit executive compensation disclosure to that which is mandatory in their filings. There can be many non disclosed items amounting to significant dollars

[NIATPAC29]

All of you complaining about ceo compensation are being somewhat hypocritical. If you were the ceo all would be great i suspect.!

[babyher]

All of you complaining about ceo compensation are being somewhat hypocritical. If you were the ceo all would be great i suspect.!

 

 

 

 

Exactly

 

And if they were offered that same contract, pay , and benefits tomorrow , they would turn it down flat because it is an obscene amount. NOT

[El_Rolfo]

A good video that fits in right here:

 

(no, you shoudln't need a facebook account to watch it)

 

IMO companies can pay whatever they want to their employees, but I do personally find it funny, that if you don't do your job well (for example in financial terms), you get sacked and get one HUUUUGE severance pay for it.

 

As a Finn, I've looked closely at how Nokia succeeded while Stephen Elop ran the company. When Mr. Elop started running it, the company value was 29.5 billion euros. When he was let go (mutual agreement ofc, as usual), the value was down to 11 billion euros. He also got a golden handshake of 11 million euros for his hard work with the company. I can't accept things like that, but that's how it tends to work in our capitalist world.

[richstowe]

All of you complaining about ceo compensation are being somewhat hypocritical. If you were the ceo all would be great i suspect.!

 

Exactly

 

And if they were offered that same contract, pay , and benefits tomorrow , they would turn it down flat because it is an obscene amount. NOT

So ? What's your point , that humans are hypocritical ? Congratulations on that insight !

Yeah I'd take it all and more . Executive compensations $'s are still obscene .

[bruadhin]

A good video that fits in right here:

 

(no, you shoudln't need a facebook account to watch it)

 

IMO companies can pay whatever they want to their employees, but I do personally find it funny, that if you don't do your job well (for example in financial terms), you get sacked and get one HUUUUGE severance pay for it.

 

As a Finn, I've looked closely at how Nokia succeeded while Stephen Elop ran the company. When Mr. Elop started running it, the company value was 29.5 billion euros. When he was let go (mutual agreement ofc, as usual), the value was down to 11 billion euros. He also got a golden handshake of 11 million euros for his hard work with the company. I can't accept things like that, but that's how it tends to work in our capitalist world.

 

That is the rub. Most executives are overpaid. Not because they are getting huge paychecks, but because they aren't delivering value. Also, the top tier is definitely a "good ol boy" network. Many of these people know each other, and just like any situation, they tend to be overly generous to their friends.

 

Whether or not Sheehan deserved this, I don't know. I have no idea how the company performed under him. I did see the episode with him on Undercover Boss, and of most of the CEOs I saw, he definitely seemed to care.

[SPB in da RVA]

There are so many things incorrect about your statement here (in my opinion.) But this forum is not the place for that argument. From your 2 replies to my post, plus this one here, I can see that we fall on very opposite sides of certain issues. I'm walking away right now. I've learned there is nothing to be gained by online "discussions" of this type.

 

Have a lovely day.

 

 

There is nothing unfactual with my post at all. If someone is willing to do a job for any given rate then that is what that job will pay. It is realy very basic economics.

[Buford T Justiice]

But did Sheehan really receive the money? I don't think so.

 

I think some of it went to the Sheehan crew. I hear that his crew is encouraged to work together as a team, and includes many individuals behind the scenes. :)

[MikeWazowski]

There is nothing unfactual with my post at all. If someone is willing to do a job for any given rate then that is what that job will pay. It is realy very basic economics.

 

I think your statement all by itself is factual, its just not very useful. Executives are chosen first; compensation is dealt with after. Said another way, CEO's are not selected based on competition of total compensation.