Royal Caribbean's largest shareholder is challenging Royal Caribbean chairman Richard Fain by supporting a plan that could lead to a major shakeup.
Oslo-based A. Wilhelmsen AS owns 19% of Royal Caribbean stock and Arne Alexander Wilhelmsen, is its chairman and a Royal Caribbean director.
Investors vote tomorrow on a non-binding shareholder proposal calling for the elimination of staggered directors’ terms at Miami-based Royal Caribbean. The company opposes the plan, which would have each board member come up for an annual vote.
A similar vote came up back in 2009 but did not have Wilhelmsen's support despite getting 29% of the vote. Both Institutional Shareholder Services and Glass Lewis & Co. have recommended in favor of the activist proposal.
if the vote passes, it could lead to changes at Royal Caribbean such as separation of the chairman and CEO roles as well as turnover on the board of directors.
