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Cruise CEO will work for free…(sort of)

Posted by Anita Dunham-Potter On December - 16 - 2008

Joe Ueberroth, chairman and CEO of Ambassadors International the parent company of Windstar Cruises and the now defunct steamboat operator Majestic America Line, has voluntarily given up his compensation but will receive 250,000 unrestricted shares which will vest in one year.

According to the company, Ueberroth was set to receive approximately $3 million in cash with an option up to $6 million in certain circumstances in September 2009. He also gave up his 2008 long-term compensation valued at $750,000 that was due in stock.

Ambassadors International stated that Ueberroth’s compensation package was offered in 2006 when the company’s situation, and the economy, was in a lot better condition.

On February 23, 2007 Ambassadors’ stock reached an all-time high of $47.01 — yesterday shares closed at a record low 79 cents. Ouch!

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