The U.S. economic growth increased in the first quarter of 2013 after a dismal fourth quarter in 2012. The second quarter of 2013 is expected to show a lackluster expansion as Washington continues its push to reduce a budget deficit which weighs heavily on consumers and businesses.
While consumers and businesses have suffered as Washington is playing political games, the compensation for some of South Florida’s executives have stayed strong or even increased.
As examples, in the technology industry, executives at both Fort Lauderdale-based Citrix Systems and Weston-based Ultimate Software have received increases in compensation. The revenues of the company grew by 17.2 percent and 23.4 percent from 2011 to 2012, respectively.
In the cruise industry, Norwegian Cruise Lines, the third-largest cruise line in the world with its home port in Miami, reduced compensation to top executives even though there was $168.5 million in profits on revenue of $2.28 billion in 2012 compared to $126.9 million in profits on revenue of $2.2 billion in 2011.
Royal Caribbean Cruise Lines, the second-largest cruise line in the world with its home port in Miami, reported a decrease in profit in the fourth quarter of 2012, but some of their executives saw an increase in compensation.
Carnival Corp., the largest cruise line in the world with its home port in Miami, reported a decrease in profit, but some of their executives also saw an increase in compensation.
The top fifteen highest compensated individuals in the group of technology and cruise executives in South Florida are:
• Mark Templeton, President and CEO of Citrix Systems, 2012 compensation $10.74 million,
• Scott Scherr, Chairman, President and CEO of Ultimate Software, 2012 compensation $10.16 million,
• Marc D. Scherr, Vice Chairman and COO of Ultimate Software, 2012 compensation $7.72 million,
• Micky Arison, CEO of Carnival Corp., 2012 compensation $6.5 million,
• Richard Fain, CEO of Royal Caribbean Cruises, 2012 compensation $6.4 million,
• Howard Frank, COO of Carnival Corp., 2012 compensation $6.25 million,
• David Henshall, Executive VP and CFO of Citrix Systems, 2012 compensation $5.11 million,
• Naren Gursahaney, CEO of ADT, 2012 compensation $4.95 million,
• Alvaro Monserrat, Senior VP of Sales of Citrix Systems, 2012 compensation $4.28 million,
• Mitchell Dauerman, Executive VP and CFO, Ultimate Software, 2012 compensation $4.26,
• Gerry Cahill, CEO of Carnival Cruise Lines, 2012 compensation $4.14 million,
• Pier Luigi Foschi, CEO of Costa Crociere, a subsidiary of Carnival Corp., 2012 compensation $3.97 million,
• Kevin Sheehan, President and CEO of Norwegian Cruise Line, 2012 compensation $3.4 million,
• David R. Friedman, General Counsel and Senior VP of Human Resources of Citrix Systems, 2012 compensation $3.3 million, and
• Adam Goldstein, President and CEO of Royal Caribbean International, 2012 compensation $3.27 million.
The technology and cruise industries are booming job markets in South Florida, and executives in both industries are being compensated rather well.
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