Royal Caribbean Vote Pits Chairman Against Biggest Holder

Royal Caribbean Ltd.’s largest investor is challenging Chairman and Chief Executive Officer Richard Fain by supporting a plan that could lead to a board shakeup at the second-largest cruise operator.

Investors vote today 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. The measure is supported by Oslo-based A. Wilhelmsen AS, owner of a 19 percent stake, whose chairman, Arne Alexander Wilhelmsen, is a Royal Caribbean director.