Royal Caribbean Cruises Ltd. said Wednesday that its board of directors had agreed to get rid of staggered terms, instead moving to annual elections for directors.
The change, which will go into effect with the slate of directors elected at the 2014 annual meeting, comes after shareholders of the Miami-based cruise company approved a resolution in May to eliminate staggered terms.
At a meeting Wednesday, the group also named its first lead director, William L. Kimsey, who has been on the board since 2003. In that new role, Kimsey will head meetings of non-management directors and serve as a liaison between those directors and Chairman and CEO Richard Fain.
Also Wednesday, the board approved an increase of the quarterly cash dividend to $.25 per common share, payable Oct. 8. The previous dividend was $.12 per common share.