Richard Fain to step down as CEO of Royal Caribbean after more than 30 years
Richard Fain, the chief executive officer of Royal Caribbean Group, announced on Tuesday that he will step down as CEO after over 30 years in the role. Fain will continue as the chairman of the board of directors.
Royal Caribbean announced that the company’s new CEO will be Jason Liberty, who has been the company’s chief financial officer since 2013 and worked at Royal Caribbean for 16 years. The changes in company leadership will take effect on Jan. 3, 2022.
“We always knew the day would come, and the timing now just seems perfect. Thirty-three years in the job has been both challenging and rewarding, with so many milestones and highlights,” Fain said in a statement. “We look back with gratitude for the extraordinary opportunities we’ve had as part of this amazing company. Going forward, we have lots to do and lots to accomplish.”
“Richard Fain is an icon in the cruise industry,” said Philip Levine, the former mayor of Miami Beach and the founder of Royal Media Partners, which used to partner with Royal Caribbean. “He took this tiny four-ship operation and built it into a major, worldwide, cruise and vacation behemoth.”
Levine, who started his career working at Royal Caribbean in the 1980s, described Fain as a leader who thinks big.
“He built the biggest, most revolutionary, highest-tech ships the world has ever seen,” Levine told The Miami Herald of Fain’s developing Royal Caribbean’s Oasis Class ships, the world’s largest cruise ships. “He pushed the boundaries of what humans could build on the sea.”
Levine said that Liberty was a smart choice to succeed Fain, given the tens of billions in debt Royal Caribbean has taken on in order to stay afloat during the coronavirus pandemic. “He picked a master in finance in Jason Liberty, who can steer the company through Wall Street,” he said.
In addition to leading the board of directors, Fain said he would continue working on new ship construction.
Fain became Royal Caribben’s CEO in 1988. He oversaw the company through the coronavirus pandemic, when the company experienced billions in losses. The Royal Caribbean Group includes brands like Royal Caribbean International, Celebrity Cruises, Silversea Cruises, TUI Cruises and Hapag-Lloyed Cruises.
Fain is an active member in the community in Miami-Dade County: He serves on the board at the University of Miami and UHealth. Previously, he was board chair of United Way of Miami-Dade and the Greater Miami Convention and Visitors Bureau. He also has been active in the local Jewish community.
This story was originally published November 9, 2021 at 12:56 PM.
