ROYAL Caribbean Group (RCG) CEO Richard Fain is stepping down after more than 33 years at the top of the company. He will continue as Chair of the board of directors, with Chief Financial Officer Jason Liberty named to succeed him. Fain, who is the third-longest-serving Chief Executive Officer among...
ROYAL Caribbean Group (RCG) CEO Richard Fain is stepping down after more than 33 years at the top of the company.
He will continue as Chair of the board of directors, with Chief Financial Officer Jason Liberty named to succeed him.
Fain, who is the third-longest-serving Chief Executive Officer among current S&P 500 companies, will serve his last day as CEO on 03 Jan 2022.
Under Fain’s leadership, RCG introduced new and distinctive ship categories, including Royal Caribbean International’s Sovereign, Voyager, and Oasis classes; and Celebrity Cruises’ Solstice and Edge classes.
Fain also oversaw the development of Royal Caribbean International’s highly anticipated Icon class, to be introduced in 2023; and Silversea Cruises’ Project Evolution, which will become the industry’s first hybrid-powered ship when introduced in 2023.
He will continue his involvement in RCG’s ship construction program upon stepping down as Chief Executive Officer.
Fain said with most of RCG’s ships operating, and a full return to cruising approaching, it was the right time to step down.
“There are no words to express my admiration and appreciation to the people of the Royal Caribbean Group, who have been the real drivers of our success; and my profound appreciation for the support and guidance of the board of directors during good times and bad throughout this long period of sustained growth.”
Fain added he and the board had developed a succession planning process for when he decided the time was right to step down.
Liberty joined RCG in 2005, and has served in several financial, strategic and operational roles, before becoming Chief Financial Officer in 2013.
He will also join the board upon taking up his new role.
His operational duties have expanded over the years and gone well beyond the responsibilities normally associated with a CFO, such as oversight of Silversea; RCG’s joint ventures with TUI Cruises & Hapag Lloyd Cruises; and the company’s strategy, technology, supply chain, port operations & legal functions.
Naftali Holtz, currently Senior Vice President Finance, will become Chief Financial Officer when Liberty assumes the Chief Executive Officer role.
Holtz is currently responsible for corporate, capital and revenue planning and more.
