Richard Fain, who served for more than 33 years as Royal Caribbean CEO, will step down in January 2022
Richard Fain decided to resign as CEO of Royal Caribbean effective January 3, 2022, the company announced on November 9.
Chief Financial Officer Jason Liberty will succeed him as CEO and join the board of directors. Richard Fain, who served for more than 33 years as Royal Caribbean CEO , will remain as chairman of the board of directors.
As the third longest-serving CEO among current S&P 500 leaders, Fain’s storied career is defined by the innovations he championed that involve all aspects of the cruise – from revolutionary ship design to leading sustainability efforts, the innovative technologies and features that enriched the onboard experience for millions of guests.
Under Fain’s leadership, Royal Caribbean Group introduced distinctive new ship categories, with a wide range of amenities and experiences that transformed the nature of cruising. Fain, in collaboration with Liberty, will continue to participate in the group-owned shipbuilding program.
“Richard has been a visionary leader, making countless and remarkable contributions to our company and our industry,” said Bill Kimsey, Senior Director of the Board. “More recently, managing him during the COVID pandemic marks him as one of the great CEOs of his generation. The cruise community and all of us at the company owe him a debt of gratitude to him.”
Jason Liberty to succeed Richard Fain as Royal Caribbean CEO
Liberty joined Royal Caribbean Group in 2005 and held various financial, strategic and operational roles before becoming CFO in 2013. Her operational roles have expanded over the years and have gone well beyond normal responsibilities. associated with a finance officer.
Liberty is also responsible for Silversea Cruises, the group’s joint ventures with TUI Cruises and Hapag Lloyd Cruises, as well as the Royal Caribbean Group’s strategy, technology, supply chain, port operations and legal functions.
The company also announced that Naftali Holtz will become CFO when Liberty assumes the role of CEO. Holtz is currently Senior Vice President of Finance for Royal Caribbean Group, responsible for corporate, capital and income planning and analysis, implementation planning, risk management and treasury.
Fain has guided the company through the global pandemic and was a driving force behind the creation of the Healthy Sail Panel, a group of renowned health experts who established safety and wellness protocols to restore confidence in cruise ship safety. .
Fain explained that he and the RCG Board of Directors had developed a careful succession planning process for when he decided the time was right to resign.
“There are no words to express my admiration and appreciation to the people of Royal Caribbean Group, who have been the true drivers of our success; and my deep appreciation for the support and guidance of the Board of Directors during good times and bad through of this long period of sustained growth. “
Fain said that with most of the group’s ships operating, a full cruise return approaching and the group’s brands under the leadership of exceptional CEOs, it was the right time to step down.
“Given the great depth and breadth of our leadership, and the positive outlook for our business, this is the right time to step aside and have Jason take charge,” said Fain. “He is a highly versatile and strategic leader, who has been an integral part of all aspects of the company’s achievement and performance.”
Fain further explained that Liberty and Holtz “have done an exceptional job organizing more than $ 12 billion in funding during this challenging period. They did it in a remarkably careful and methodical way, which will serve us well for years to come.”
“Our success as a company has been based largely on our culture and the values that we hold dear,” Fain said. “Jason embodies those values, and I know he will work to build them in this ever-changing world. I couldn’t be happier to have such an excellently qualified and principled leader succeed me as CEO. Jason will lead the group to new heights. “.
Kimsey noted that Liberty has played “an important role in all the important initiatives the company has undertaken over many years, and was instrumental in helping to overcome the pandemic. The board enthusiastically and unanimously elected him to be Royal’s next CEO. Caribbean Group “.
Liberty explained that he was honored and honored to become the CEO of the Royal Caribbean Group. “Our incredible people and culture, combined with our leading brands and the world’s most innovative fleet, are what make our organization so successful. I am grateful to both the board for selecting me and to Richard for his friendship, mentorship and guidance. I look forward to building on the company’s remarkable track record for years to come. “
Liberty continued, “Naftali has demonstrated his ability to lead the finance organization and is well prepared to take on the important role of CFO.